By Sarah Lizee
Olympia, Wash., Aug. 5 – GS Finance Corp. sold $11.47 million of contingent income autocallable securities due Aug. 3, 2022 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above the downside threshold level, 70% of the initial fund price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 9.65%.
The notes will be called at par of $10 plus the contingent coupon if the fund closes at or above the initial fund price on any quarterly determination date other than the final determination date.
If the final fund price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final fund price is less than the initial fund price.
The notes are guaranteed by Goldman Sachs Group Inc.
Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is acting as dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $11,473,120
|
| Maturity: | Aug. 3, 2022
|
| Coupon: | 9.65% per year, payable quarterly if fund closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final fund price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final fund price is less than initial fund price
|
| Call: | At par plus contingent coupon if funds close at or above initial fund price on any quarterly determination date
|
| Initial fund price: | $25.03
|
| Downside threshold: | $17.521, 70% of initial fund price
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 5
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.675%
|
| Cusip: | 36257W442
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
