By Wendy Van Sickle
Columbus, Ohio, Jan. 3 – GS Finance Corp. priced $324,000 of callable quarterly CMS spread-linked notes due Dec. 31, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be (a) 4 times (b) the spread of the 10-year Constant Maturity Swap rate over the two-year Constant Maturity Swap rate, subject to a maximum rate of 6% per year. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning on Dec. 31, 2020, the notes will be callable at par on any interest payment date.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable quarterly CMS spread notes
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| Underlying rates: | 10-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $324,000
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| Maturity: | Dec. 31, 2023
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| Coupon: | 4 times spread of 10-year CMS rate over two-year CMS rate, subject to cap of 6% per year and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Dec. 31, 2020
|
| Pricing date: | Dec. 27
|
| Settlement date: | Jan. 2
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.3%
|
| Cusip: | 40056XW28
|
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