By Angela McDaniels
Tacoma, Wash., Aug. 29 – GS Finance Corp. priced $12.5 million of callable buffered monthly range accrual notes due Feb. 28, 2027 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.05% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 80% of the initial index level. Interest is payable monthly.
Beginning Aug. 30, 2020, the notes will be callable at par on any interest payment date.
If the index return is at least negative 20%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable buffered monthly range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $12.5 million
|
| Maturity: | Feb. 28, 2027
|
| Coupon: | 5.05% per year multiplied by proportion of days on which index closes at or above the barrier level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless index finishes below barrier level, in which case 1% loss for every 1% decline of index beyond 20%
|
| Call option: | At par plus interest on any interest payment date after one year
|
| Initial level: | 2,869.16
|
| Barrier level: | 2,295.328, 80% of initial level
|
| Pricing date: | Aug. 27
|
| Settlement date: | Aug. 30
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 4.4%
|
| Cusip: | 40056FZR9
|
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