By Toni Weeks
San Diego, Feb. 1 - Goldman Sachs Group, Inc. priced $22 million of 7% equity-linked notes due Aug. 1, 2011 linked to the common stock of Weatherford International Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes have a face value of $23.02 each, which is equal to the initial share price of Weatherford stock.
Interest will be paid monthly.
On the maturity date, investors will receive cash or an equivalent amount of Weatherford International stock in lieu of cash.
If the final share price is greater than or equal to the upper strike price of $24.747, investors will receive par plus the upside exchange ratio of 0.65 multiplied by the difference between the upper strike price and the final share price.
Investors will receive par if the final share price is greater than or equal to the lower strike price of $24.137 and less than the upper strike price of $24.747.
If the final share price is greater than the protection strike price of $19.567 and less than the lower strike price of $24.137, investors will receive par times the downside exchange ratio of 0.9537 and multiplied by the quotient of the final share price divided by the initial share price.
If the final share price is less than or equal to the protection strike price of $19.567, investors will receive an amount equal to par times the downside exchange ratio of 0.9537 multiplied by the quotient of $19.567 divided by par.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Equity-linked notes
|
| Underlying stock: | Weatherford International Ltd. (NYSE: WFT)
|
| Amount: | $21,999,983.80
|
| Maturity: | Aug. 1, 2011
|
| Coupon: | 7%, paid monthly
|
| Price: | Par of $23.02
|
| Payout at maturity: | If final share price is greater than or equal to $24.747, par plus 0.65 times the difference between $24.747 and final share price; if final share price is greater than or equal to $24.137 and less than $24.747, par; if final share price is greater than $19.567 and less than $24.137, par times 0.9537 times the quotient of the final share price divided by initial share price; if final share price is less than or equal to $19.567, par times 0.9537 times the quotient of $19.567 divided by initial share price
|
| Initial stock price: | $23.02
|
| Upper strike price: | $24.747, 107.5% of initial price
|
| Lower strike price: | $24.137, 104.85% of initial price
|
| Protection strike price: | $19.567, 85% of initial price
|
| Downside exchange ratio: | 0.9537
|
| Upside exchange ratio: | 0.65
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 1
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.05%
|
| Cusip: | 38146M775
|
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