By Sarah Lizee
Olympia, Wash., Jan. 8 – GS Finance Corp. priced $630,000 of autocallable contingent coupon notes due Jan. 9, 2024 linked to the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.55% if each ETF closes at or above its trigger level, 55% of its initial level, on the observation date for that quarter.
Beginning in December 2020, the notes will be automatically called at par if each ETF closes at or above its initial level on any coupon determination date.
The payout at maturity will be par unless either ETF finishes below its trigger level, in which case investors will be fully exposed to the decline of the worse-performing ETF.
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 notes
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| Underlying ETFs: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $630,000
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| Maturity: | Jan. 9, 2024
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| Coupon: | 7.55%, payable quarterly if each ETF closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below its trigger level, in which case investors will be fully exposed to the decline of the worse-performing ETF
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| Call: | Beginning in December 2020, automatically at par if each ETF closes at or above initial levels on any coupon determination date
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| Initial levels: | $94.76 for biotech ETF, $23.36 for oil ETF
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| Trigger levels: | 55% of initial levels
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 3
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.05%
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| Cusip: | 40056XWB8
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