By Susanna Moon
Chicago, Sept. 13 – GS Finance Corp. priced $644,000 of callable contingent coupon notes due Aug. 31, 2019 linked to the least performing of SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each fund closes at or above its 65% coupon barrier on review date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either fund finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
Goldman Sachs Group, Inc. is the guarantor.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $644,000
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| Maturity: | Aug. 31, 2019
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| Coupon: | 10% annualized payable quarterly if each fund closes at or above 65% coupon barrier on review date that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either fund finishes below 65% trigger, in which case 1% loss for each 1% decline of worse performing fund
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| Call option: | At par plus any coupon on any contingent coupon payment date beginning in November
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| Initial levels: | $80.23 for biotech fund, $29.58 for oil fund
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| Trigger levels: | 65% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.935%
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| Cusip: | 40054LNR1
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