By Kiku Steinfeld
Chicago, Aug. 7 – GS Finance Corp. priced $889,000 of autocallable contingent coupon equity-linked notes due March 2, 2026 linked to the stocks of Capital One Financial Corp., United Parcel Service, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent monthly coupon at an annual rate of 10.85% if each stock closes above its coupon barrier price, 60% of its initial price, on a related determination date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and no stock falls, the payout at maturity will be par plus the final coupon. If any stock falls but none drop below the 60% final barrier level, the payout will be par. If any stock falls below its final barrier level, investors will be fully exposed to the decline of the least performing stock from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Capital One Financial Corp., United Parcel Service, Inc. and Lowe’s Cos., Inc.
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| Amount: | $889,000
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| Maturity: | March 2, 2026
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| Coupon: | 10.85% annual rate; payable monthly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if no stock falls; par if any stock falls but none drop below final barrier price; otherwise, full exposure to decline of least performing stock from initial share price
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| Call: | At par plus coupon if each stock closes at or above its initial share price on any quarterly observation date after six months
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| Initial share prices: | $109.51 for Capital One, $179.94 for UPS, $202.21 for Lowe’s
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| Coupon barrier prices: | 60% of initial levels
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| Final barrier prices: | 60% of initial levels
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| Pricing date: | Feb. 23, 2023
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| Settlement date: | Feb. 28, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3%
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| Cusip: | 40057PJ94
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