By Sarah Lizee
Olympia, Wash., Jan. 27 – GS Finance Corp. priced $1.1 million of autocallable contingent coupon equity-linked securities due Jan. 30, 2023 linked to the common stocks of Citigroup Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at a yearly rate of 8.25% if each stock closes above the coupon barrier price, 70% of the initial price, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date, beginning in January 2021 and ending in October 2022.
If the notes are not called and the final share price of each stock is greater than or equal to the trigger price, 70% of its initial level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price of the least performing stock.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Citigroup Inc. and Bank of America Corp.
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| Amount: | $1.1 million
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| Maturity: | Jan. 30, 2023
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| Coupon: | 8.25% per year, payable quarterly if closing price of each stock is greater than or equal to 50% of initial share price on any quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above 70% of its initial share price; otherwise, full exposure to decline of least performing stock
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| Call: | At par plus contingent coupon if closing share price of each stock is greater than or equal to initial share price on any quarterly observation date beginning in January 2021 and ending in October 2022
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| Initial share prices: | $34.36 for BofA, $80.10 for Citi
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| Coupon barrier/trigger prices: | 70% of initial share prices
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 27
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3.15%
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| Cusip: | 40056YCT9
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