New Issue: GS Finance prices $1.7 million put warrants linked to stock basket of 23 stocks

By Kiku Steinfeld

Chicago, Oct. 10 – GS Finance Corp. priced $1.7 million of put warrants due Dec. 28, 2023 linked to the performance of an unequally-weighted basket of 23 stocks, according to a 424B2 filing with the Securities and Exchange Commission.

The warrants are guaranteed by Goldman Sachs Group, Inc.

The basket consists of AbbVie Inc., Advanced Micro Devices, Inc., Alphabet Inc., Amazon.com, Inc., Apple Inc., Blackstone Inc., Brookfield Infrastructure Partners LP, Chevron Corp., Costco Wholesale Corp., Eli Lilly and Co., Energy Transfer LP, Illumina, Inc., Lockheed Martin Corp., MetLife, Inc., Microsoft Corp., Northrop Grumman Corp., Novo Nordisk A/S, Nvidia Corp., Palo Alto Networks, Inc., Peabody Energy Corp., Home Depot, Inc., T-Mobile US, Inc. and Ulta Beauty, Inc.

The notional amount is $1,000 per warrant. The premium amount and original issue price is $42 per warrant. The aggregate premium amount for the 40,402 warrants is $1,696,884.

If the final basket level is less than 95% of the initial basket level, the warrants will be automatically exercised. The payout per warrant will be $1,000 times the basket return, which is the quotient of (a) the initial basket level minus the final basket level divided by (b) the initial basket level.

In no event will the cash settlement amount exceed the maximum cash settlement amount of $200 per warrant.

If the final basket level is greater than or equal to 95% of the initial basket level, the warrants will expire worthless and the cash settlement amount will be zero.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Put warrants
Underlying stocks:	AbbVie Inc. (7.0024%), Advanced Micro Devices, Inc. (0.6628%), Alphabet Inc. (3.5988%), Amazon.com, Inc. (2.9701%), Apple Inc. (4.0797%), Blackstone Inc. (6.2923%), Brookfield Infrastructure Partners LP (4.7627%), Chevron Corp. (5.7481%), Costco Wholesale Corp. (5.7311%), Eli Lilly and Co. (2.3418%), Energy Transfer LP (10.4073%), Illumina, Inc. (1.3321%), Lockheed Martin Corp. (4.6743%), MetLife, Inc. (3.764%), Microsoft Corp. (5.5587%), Northrop Grumman Corp. (6.9732%), Novo Nordisk A/S (0.9902%), Nvidia Corp. (5.0928%), Palo Alto Networks, Inc. (2.7125%), Peabody Energy Corp. (3.8695%), Home Depot, Inc. (4.9570%), T-Mobile US, Inc. (2.688%) and Ulta Beauty, Inc. (3.7906%)
Warrants:	40,402
Notional amount per warrant:	$1,000
Price per warrant:	$42
Total price:	$1,696,884
Expiration date:	Dec. 26, 2023
Maturity:	Dec. 28, 2023
Payout:	If the final basket level is less than 95% of the initial basket level, $1,000 multiplied by basket return, which is quotient of (a) the initial basket level minus the final basket level divided by (b) the initial basket level, subject to maximum payout of $200 per warrant; if final basket level is greater than or equal to 95% of the initial basket level, warrants will expire worthless and cash settlement amount will be zero
Initial prices:	$155.30 for AbbVie Inc., $100.28 for Advanced Micro Devices, Inc., $105.60 for Alphabet Inc., $98.71 for Amazon.com, Inc., $158.93 Apple Inc., $84.45 for Blackstone Inc., $31.46 for Brookfield Infrastructure Partners LP, $154.52 for Chevron Corp., $487.76 for Costco Wholesale Corp., $332.64 for Eli Lilly and Co., $11.68 for Energy Transfer LP, $216.95 for Illumina, Inc., $467.90 for Lockheed Martin Corp., $54.30 for MetLife, Inc., $277.66 for Microsoft Corp., $444.44 for Northrop Grumman Corp., $149.58 for Novo Nordisk A/S, $271.91 for Nvidia Corp., $193.89 for Palo Alto Networks, Inc., $23.66 for Peabody Energy Corp., $283.91 for Home Depot, Inc., $142.30 for T-Mobile US, Inc. and $515.74 for Ulta Beauty, Inc.
Pricing date:	March 24, 2023
Settlement date:	March 28, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	0%
Cusip:	362273BV5

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