New Issue: GS Finance prices $1.27 million equity-linked notes tied to FedEx, UPS

By William Gullotti

Buffalo, N.Y., May 12 – GS Finance Corp. priced $1.27 million of 0% equity-linked notes due May 14, 2024 linked to the least performing of the stocks of FedEx Corp. and United Parcel Service, 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 1.8 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 from its initial value.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Equity-linked notes
Underlying stocks:	FedEx Corp., United Parcel Service, Inc.
Amount:	$1.27 million
Maturity:	May 14, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If worst performer finishes at or above initial value, par plus 1.8 times the return of worst performer; if worst performer declines but finishes at or above 90% of initial value, par; otherwise, full exposure to decline of worst performer from initial level
Initial prices:	$210.21 for FedEx, $179.92 for UPS
Buffer levels:	90% of initial levels
Pricing date:	May 9
Settlement date:	May 12
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0%
Cusip:	40057LZQ7

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