Published on 4/14/2004 in the Prospect News Convertibles Daily.
New Issue: Goldman Sachs $16 million 0.25% notes exchangeable for Kerr-McGee yield 0.25%, up 11.5%
New York, April 14 - The Goldman Sachs Group Inc. priced $16 million of five-year 0.25% notes exchangeable for the common stock of Kerr-McGee Corp. to yield 0.25% with an 11.5% initial conversion premium, according to a 424B3 filing with the Securities and Exchange Commission.
Terms of the deal are as follows:
Issuer: | The Goldman Sachs Group Inc.
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Issue: | Exchangeable medium-term notes
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Underlying stock: | Kerr-McGee Corp.
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Amount: | $16 million
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Maturity: | April 16, 2009
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Coupon: | 0.25%
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Price: | Par
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Yield: | 0.25%
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Exchange premium: | 11.5%
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Exchange price: | $55.6173
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Exchange ratio: | 17.98, in cash or stock, at Goldman's option
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Call: | April 16, 2006 onwards at par, automatic exchange if stock more valuable
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Payout at maturity: | Par in cash, automatic exchange if stock more valuable
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Pricing date: | April 8
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Settlement date: | April 16
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Underwriter: | Goldman, Sachs & Co.
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Distribution: | Off shelf
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