By Wendy Van Sickle
Columbus, Ohio, Dec. 28 – GS Finance Corp. priced $14.85 million of callable contingent coupon notes due Dec. 30, 2019 linked to the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
Every six months, the notes will pay a contingent coupon at an annualized rate of 11.5% if each underlier closes at or above its barrier level, 60% of its initial level, on the observation date for that semiannual period. The notes will be callable at par plus the coupon, if any, on any interest payment date.
If the return of each underlier is greater than or equal to negative 40%, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the lesser-performing underlier.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlyings: | S&P 500 and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $14.85 million
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| Maturity: | Dec. 30, 2019
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| Contingent coupon: | Contingent semiannual coupon of 11.5% if each component closes at or above 60% barrier level on the determination date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon if any unless return of either underlying is below negative 40%; in which case 1% loss for each 1% decline of worse-performing underlying
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| Call: | Automatically at par plus contingent coupon if each underlying closes at or above initial levels on any interest payment date
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| Initial index levels: | 2,263.79 for index and $42.23 for ETF
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 30
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 2.1%
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| Cusip: | 40054KQ74
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