By Toni Weeks
San Luis Obispo, Calif., Aug. 13 – Goldman Sachs Group, Inc. priced $2.2 million of callable quarterly CMS spread-linked notes due Aug. 18, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 10% for the first year. After that it will be (i) 4 times (ii) the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus 25 basis points, subject to a maximum interest rate of 10%. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning after one year, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable quarterly CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $2.2 million
|
| Maturity: | Aug. 18, 2029
|
| Coupon: | 10% for the first year; then, (i) 4 times (ii) CMS spread minus 25 bps, capped at 10%, floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Aug. 18, 2015
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 18
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.332%
|
| Cusip: | 38147QDL7
|
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