By Wendy Van Sickle
Columbus, Ohio, May 20 – GS Finance Corp. priced $11.24 million of contingent income autocallable securities due May 17, 2024 linked to Citigroup Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The securities will pay a contingent coupon of at an annual rate of 8.5%, paid quarterly if the underlying stock closes at or above the 75% downside threshold on any quarterly observation date.
If the underlying stock closes at or above its initial price on any of the quarterly determination dates, the securities will be redeemed at par plus the contingent payment.
If the underlying stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.
Otherwise, investors will be fully exposed to the stock’s losses.
The notes are guaranteed by Goldman Sachs Group, Inc.
The underwriter is Goldman Sachs & Co. LLC. Morgan Stanley Wealth Management is acting as dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying index: | Citigroup Inc.
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| Amount: | $11,238,530
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| Maturity: | May 17, 2024
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| Coupon: | 8.5% annual rate, paid quarterly if underlying stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus contingent coupon if underlying stock finishes at or above downside threshold; otherwise, full exposure to stock’s losses
|
| Call: | At par plus contingent payment if underlying stock closes at or above initial share price on any quarterly determination date
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| Initial share price: | $76.56
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| Trigger level: | $57.42; 75% of initial price
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| Pricing date: | May 14
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| Settlement date: | May 19
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| Underwriter: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 36260W785
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