By Sarah Lizee
Olympia, Wash., Dec. 26 – GS Finance Corp. priced $1.6 million of callable contingent coupon notes due Dec. 31, 2021 linked to the SPDR S&P Biotech exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes pay a contingent semiannual coupon at an annual rate of 18.5% if each fund closes at or above 70% of its initial level on the observation date.
The notes are callable at par on any coupon payment date.
If each fund finishes at or above 70% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, the payout will be par plus the return of the lesser-performing fund with full exposure to losses.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying funds: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,595,000
|
| Maturity: | Dec. 31, 2021
|
| Coupon: | 18.5%, payable each six months that each fund closes at or above 70% of its initial level on determination date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each fund finishes at or above 70% of its initial level; otherwise par plus the return of the lesser-performing fund with full exposure to losses
|
| Call option: | At par on any coupon payment date
|
| Initial levels: | $65.74 for biotech fund, $25.35 for oil and gas fund
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 31
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.25%
|
| Cusip: | 40056EML9
|
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