By William Gullotti
Buffalo, N.Y., April 28 – GS Finance Corp. priced $20.57 million of callable contingent coupon ETF-linked notes due Oct. 24, 2023 tied to the iShares Silver Trust, 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 quarterly coupon at an annual rate of 23% if the ETF closes at or above the coupon trigger level, 85.25% of the initial level, on every trading day during the observation period.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes are not called and the ETF closes at or above 85.25% of initial value, the payout will be par plus any coupon due.
Otherwise, investors will be exposed to the ETF’s decline from its initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon ETF-linked notes
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| Underlying fund: | iShares Silver Trust
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| Amount: | $20.57 million
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| Maturity: | Oct. 24, 2023
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| Coupon: | 23% annualized rate, payable quarterly if the ETF closes at or above coupon trigger level, on every trading day during the observation period
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| Price: | Par
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| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus any coupon due; otherwise, 1% loss for every 1% decline from initial level
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| Call: | At par plus any coupon otherwise due on any quarterly observation date
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| Initial ETF level: | $23.3356
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| Trigger buffer level: | 85.25% of initial levels
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| Coupon trigger level: | 85.25% of initial levels
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| Strike date: | April 19
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | None
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| Cusip: | 40057LTB7
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