By Angela McDaniels
Tacoma, Wash., Oct. 15 – Goldman Sachs Group, Inc. priced $1 million of callable quarterly CMS spread-linked notes due Oct. 16, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. After that, it will be six times the CMS rate, subject to a maximum interest rate of 10% per year. The CMS spread is the 10-year Constant Maturity Swap rate minus the two-year CMS rate minus 25 basis points. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning Oct. 16, 2015, 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: 10-year and two-year Constant Maturity Swap rates
|
| Amount: | $1 million
|
| Maturity: | Oct. 16, 2029
|
| Coupon: | 10% for first year; after that, six times spread of 10-year CMS rate over two-year CMS rate minus 25 bps, subject to maximum interest rate of 10% per year and minimum interest rate of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Oct. 16, 2015 onward
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 16
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.55%
|
| Cusip: | 38147QJU1
|
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