By William Gullotti
Buffalo, N.Y., May 1 – GS Finance Corp. priced $1.83 million of callable contingent coupon ETF-linked notes due April 24, 2025 tied to the Global X Silver Miners ETF and the VanEck Vectors Gold Miners ETF, 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 an annual rate of 13.15% if each ETF closes at or above the coupon trigger level, 60% of the initial level, on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called and each ETF closes at or above 60% of initial value, the payout will be par plus the final coupon.
Otherwise, investors will be exposed to the laggard ETF’s decline from its initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon ETF-linked notes
|
| Underlying funds: | Global X Silver Miners ETF, VanEck Vectors Gold Miners ETF
|
| Amount: | $1,826,000
|
| Maturity: | April 24, 2025
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| Coupon: | 13.15% annualized rate, payable quarterly if each ETF closes at or above coupon trigger level, on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus final coupon; otherwise, 1% loss for every 1% decline of laggard ETF from initial level
|
| Call: | At par plus any coupon otherwise due on any quarterly observation date after six months
|
| Initial ETF levels: | $30.31 for Global X, $33.61 for VanEck
|
| Trigger buffer levels: | 60% of initial levels
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| Coupon trigger levels: | 60% of initial levels
|
| Pricing date: | April 21
|
| Settlement date: | April 26
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 1.75%
|
| Cusip: | 40057RHN1
|
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