New Issue: GS Finance sells $1.1 million equity-linked notes tied to GitLab, Palo Alto Networks

By William Gullotti

Buffalo, N.Y., March 25 – GS Finance Corp. priced $1.1 million of 0% equity-linked notes due March 23, 2026 linked to the least performing of the stocks of GitLab Inc. and Palo Alto Networks, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If all stocks finish at or above their initial value, the payout at maturity will be par plus 2.43 times the least performing stock’s return.

If the worst performing stock finishes below its initial value but not lower than 90% of its initial value, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 10%.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Equity-linked notes
Underlying stocks:	GitLab Inc., Palo Alto Networks, Inc.
Amount:	$1.1 million
Maturity:	March 23, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performer finishes at or above initial value, par plus 2.43 times the return of worst performer; if worst performer declines but finishes at or above 90% of initial value, par; otherwise, lose 1% for every 1% decline of the worst performer beyond 10%
Initial prices:	$53.42 for GitLab, $282.16 for Palo Alto
Buffer levels:	90% of initial levels
Strike date:	March 15
Pricing date:	March 18
Settlement date:	March 21
Underwriter:	Goldman Sachs & Co. LLC
Fees:	None
Cusip:	40057YS79

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