By Marisa Wong
Madison, Wis., June 10 – Goldman Sachs Group, Inc. priced $3 million of callable quarterly CMS spread-linked notes due June 15, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 7% for the first year. After that, it will be 7 times the CMS rate, subject to a maximum interest rate of 9% per year. The CMS spread is the 30-year Constant Maturity Swap rate minus the five-year CMS rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning June 15, 2016, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
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| Issue: | Callable quarterly CMS spread notes
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| Underlying rates: | 30-year and five-year Constant Maturity Swap rates
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| Amount: | $3 million
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| Maturity: | June 15, 2025
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| Coupon: | 7% for first year; after that, 7 times spread of 30-year CMS rate over five-year CMS rate, subject to maximum interest rate of 9% per year and minimum interest rate of zero; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date from June 15, 2016 onward
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| Pricing date: | June 8
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| Settlement date: | June 15
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2.33%
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| Cusip: | 38148T4Y2
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