New Issue: GS Finance sells $520,000 leveraged notes on basket of 82 stocks

By Marisa Wong

Los Angeles, May 3 – GS Finance Corp. priced $520,000 of 0% leveraged notes due April 14, 2022 linked a basket of common shares, exchangeable subordinate voting shares or ordinary shares of 82 companies, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

The basket stocks are Aecom with a 0.69% weight, Ameren Corp. with a 1.23% weight, Advanced Energy Industries, Inc. with a 0.48% weight, AES Corp. with a 2.94% weight, Avangrid, Inc. with a 1.60% weight, Albemarle Corp. with a 1.22% weight, Anthem, Inc. with a 1.28% weight, Air Products and Chemicals, Inc. with a 0.74% weight, Aptiv plc with a 2.94% weight, Bloom Energy Corp. with a 0.59% weight, Brookfield Renewable Corp. with a 1.53% weight, Bright Horizons Family Solutions Inc. with a 2.46% weight, Ball Corp. with a 0.61% weight, Boston Scientific Corp. with a 0.63% weight, Caterpillar Inc. with a 2.39% weight, Crown Holdings, Inc. with a 0.52% weight, Chegg, Inc. with a 1.85% weight, Cummins Inc. with a 2.03% weight, Centene Corp. with a 0.39% weight, Cree, Inc. with a 0.89% weight, CrowdStrike Holdings, Inc. with a 0.98% weight, Darling Ingredients Inc. with a 1.57% weight, Deere & Co. with a 2.23% weight, D.R. Horton, Inc. with a 2.03% weight, Duke Energy Corp. with a 1.85% weight, Dycom Industries, Inc. with a 0.83% weight, Emcor Group, Inc. with a 1.06% weight, Enphase Energy, Inc. with a 0.88% weight, EnerSys with a 0.59% weight, Eversource Energy with a 1.03% weight, Edwards Lifesciences Corp. with a 0.59% weight, Eagle Materials Inc. with a 0.70% weight, Freeport-McMoRan Inc. with a 1.06% weight, First Solar, Inc. with a 0.90% weight, Fortinet, Inc. with a 0.50% weight, Graphic Packaging Holding Co. with a 1.39% weight, Granite Construction Inc. with a 0.78% weight, HCA Healthcare, Inc. with a 1.85% weight, Herc Holdings Inc. with a 0.86% weight, Humana, Inc. with a 0.47% weight, Hexcel Corp. with a 1.28% weight, Itron, Inc. with a 0.56% weight, Jacobs Engineering Group, Inc. with a 1.00% weight, Jabil, Inc. with a 1.09% weight, KBR, Inc. with a 1.89% weight, Lennar Corp. with a 2.00% weight, Livent Corp. with a 0.84% weight, Maxeon Solar Technologies, Ltd. with a 0.44% weight, Medtronic plc with a 1.75% weight, Macquarie Infrastructure Corp. with a 1.26% weight, Martin Marietta Materials, Inc. with a 0.78% weight, Molina Healthcare, Inc. with a 0.50% weight, Meritage Homes Corp. with a 1.43% weight, MasTec, Inc. with a 1.38% weight, Maxim Integrated Products, Inc. with a 2.01% weight, NextEra Energy, Inc. with a 0.96% weight, Universal Display Corp. with a 1.00% weight, Ormat Technologies, Inc. with a 1.10% weight, Oshkosh Corp. with a 1.50% weight, Palo Alto Networks, Inc. with a 0.90% weight, Quanta Services, Inc. with a 0.90% weight, Renewable Energy Group, Inc. with a 1.57% weight, Sturm, Ruger & Co., Inc. with a 1.20% weight, Rockwell Automation, Inc. with a 1.08% weight, Rapid7, Inc. with a 0.98% weight, Sunrun Inc. with a 0.42% weight, Solaredge Technologies, Inc. with a 0.44% weight, SunPower Corp. with a 3.37% weight, Steel Dynamics, Inc. with a 2.58% weight, Summit Materials, Inc. with a 0.52% weight, Stryker Corp. with a 1.36% weight, Tenet Healthcare Corp. with a 1.31% weight, TPI Composites, Inc. with a 0.57% weight, Tesla, Inc. with a 2.32% weight, Universal Health Services, Inc. with a 1.23% weight, UnitedHealth Group Inc. with a 1.02% weight, United Rentals, Inc. with a 0.81% weight, U.S. Concrete, Inc. with a 0.86% weight, Vulcan Materials Co. with a 0.70% weight, Valmont Industries, Inc. with a 1.25% weight, Xylem Inc. with a 1.47% weight and Zimmer Biomet Holdings, Inc. with a 1.21% weight.

If the basket return is positive, the payout at maturity will be par plus 1.5 times the gain, subject to a maximum settlement amount of $1,168 per $1,000 of notes.

Investors will be fully exposed to any basket decline.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged notes
Underlying basket:	Aecom (NYSE: ACM) with a 0.69% weight, Ameren Corp. (NYSE: AEE) with a 1.23% weight, Advanced Energy Industries, Inc. (Nasdaq: AEIS) with a 0.48% weight, AES Corp. (NYSE: AES) with a 2.94% weight, Avangrid, Inc. (NYSE: AGR) with a 1.60% weight, Albemarle Corp. (NYSE: ALB) with a 1.22% weight, Anthem, Inc. (NYSE: ANTM) with a 1.28% weight, Air Products and Chemicals, Inc. (NYSE: APD) with a 0.74% weight, Aptiv plc (NYSE: APTV) with a 2.94% weight, Bloom Energy Corp. (NYSE: BE) with a 0.59% weight, Brookfield Renewable Corp. (NYSE: BEPC) with a 1.53% weight, Bright Horizons Family Solutions Inc. (NYSE: BFAM) with a 2.46% weight, Ball Corp. (NYSE: BLL) with a 0.61% weight, Boston Scientific Corp. (NYSE: BSX) with a 0.63% weight, Caterpillar Inc. (NYSE: CAT) with a 2.39% weight, Crown Holdings, Inc. (NYSE: CCK) with a 0.52% weight, Chegg, Inc. (NYSE: CHGG) with a 1.85% weight, Cummins Inc. (NYSE: CMI) with a 2.03% weight, Centene Corp. (NYSE: CNC) with a 0.39% weight, Cree, Inc. (Nasdaq: CREE) with a 0.89% weight, CrowdStrike Holdings, Inc. (Nasdaq: CRWD) with a 0.98% weight, Darling Ingredients Inc. (NYSE: DAR) with a 1.57% weight, Deere & Co. (NYSE: DE) with a 2.23% weight, D.R. Horton, Inc. (NYSE: DHI) with a 2.03% weight, Duke Energy Corp. (NYSE: DUK) with a 1.85% weight, Dycom Industries, Inc. (NYSE: DY) with a 0.83% weight, Emcor Group, Inc. (NYSE: EME) with a 1.06% weight, Enphase Energy, Inc. (Nasdaq: ENPH) with a 0.88% weight, EnerSys (NYSE: ENS) with a 0.59% weight, Eversource Energy (NYSE: ES) with a 1.03% weight, Edwards Lifesciences Corp. (NYSE: EW) with a 0.59% weight, Eagle Materials Inc. (NYSE: EXP) with a 0.70% weight, Freeport-McMoRan Inc. (NYSE: FCX) with a 1.06% weight, First Solar, Inc. (Nasdaq: FSLR) with a 0.90% weight, Fortinet, Inc. (Nasdaq: FTNT) with a 0.50% weight, Graphic Packaging Holding Co. (NYSE: GPK) with a 1.39% weight, Granite Construction Inc. (NYSE: GVA) with a 0.78% weight, HCA Healthcare, Inc. (NYSE: HCA) with a 1.85% weight, Herc Holdings Inc. (NYSE: HRI) with a 0.86% weight, Humana, Inc. (NYSE: HUM) with a 0.47% weight, Hexcel Corp. (NYSE: HXL) with a 1.28% weight, Itron, Inc. (Nasdaq: ITRI) with a 0.56% weight, Jacobs Engineering Group, Inc. (NYSE: J) with a 1.00% weight, Jabil, Inc. (NYSE: JBL) with a 1.09% weight, KBR, Inc. (NYSE: KBR) with a 1.89% weight, Lennar Corp. (NYSE: LEN) with a 2.00% weight, Livent Corp. (NYSE: LTHM) with a 0.84% weight, Maxeon Solar Technologies, Ltd. (Nasdaq: MAXN) with a 0.44% weight, Medtronic plc (NYSE: MDT) with a 1.75% weight, Macquarie Infrastructure Corp. (NYSE: MIC) with a 1.26% weight, Martin Marietta Materials, Inc. (NYSE: MLM) with a 0.78% weight, Molina Healthcare, Inc. (NYSE: MOH) with a 0.50% weight, Meritage Homes Corp. (NYSE: MTH) with a 1.43% weight, MasTec, Inc. (NYSE: MTZ) with a 1.38% weight, Maxim Integrated Products, Inc. (Nasdaq: MXIM) with a 2.01% weight, NextEra Energy, Inc. (NYSE: NEE) with a 0.96% weight, Universal Display Corp. (Nasdaq: OLED) with a 1.00% weight, Ormat Technologies, Inc. (NYSE: ORA) with a 1.10% weight, Oshkosh Corp. (NYSE: OSK) with a 1.50% weight, Palo Alto Networks, Inc. (NYSE: PANW) with a 0.90% weight, Quanta Services, Inc. (NYSE: PWR) with a 0.90% weight, Renewable Energy Group, Inc. (Nasdaq: REGI) with a 1.57% weight, Sturm, Ruger & Co., Inc. (NYSE: RGR) with a 1.20% weight, Rockwell Automation, Inc. (NYSE: ROK) with a 1.08% weight, Rapid7, Inc. (Nasdaq: RPD) with a 0.98% weight, Sunrun Inc. (Nasdaq: RUN) with a 0.42% weight, Solaredge Technologies, Inc. (Nasdaq: SEDG) with a 0.44% weight, SunPower Corp. (Nasdaq: SPWR) with a 3.37% weight, Steel Dynamics, Inc. (Nasdaq: STLD) with a 2.58% weight, Summit Materials, Inc. (NYSE: SUM) with a 0.52% weight, Stryker Corp. (NYSE: SYK) with a 1.36% weight, Tenet Healthcare Corp. (NYSE: THC) with a 1.31% weight, TPI Composites, Inc. (Nasdaq: TPIC) with a 0.57% weight, Tesla, Inc. (Nasdaq: TSLA) with a 2.32% weight, Universal Health Services, Inc. (NYSE: UHS) with a 1.23% weight, UnitedHealth Group Inc. (NYSE: UNH) with a 1.02% weight, United Rentals, Inc. (NYSE: URI) with a 0.81% weight, U.S. Concrete, Inc. (Nasdaq: USCR) with a 0.86% weight, Vulcan Materials Co. (NYSE: VMC) with a 0.70% weight, Valmont Industries, Inc. (NYSE: VMI) with a 1.25% weight, Xylem Inc. (NYSE: XYL) with a 1.47% weight, Zimmer Biomet Holdings, Inc. (NYSE: ZBH) with a 1.21% weight
Amount:	$520,000
Maturity:	April 14, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times any basket gain, capped at par plus 16.8%; full exposure to losses
Initial prices:	$62.70 for Aecom, $77.30 for Ameren, $106.35 for Advanced, $28.45 for AES, $48.30 for Avangrid, $157.28 for Albemarle, $341.72 for Anthem, $273.26 for Air, $150.90 for Aptiv, $29.55 for Bloom, $45.41 for Brookfield, $169.60 for Bright, $84.64 for Ball, $38.85 for Boston, $229.00 for Caterpillar, $96.00 for Crown, $89.20 for Chegg, $273.92 for Cummins, $62.90 for Centene, $110.10 for Cree, $199.00 for CrowdStrike, $78.74 for Darling, $369.49 for Deere, $80.69 for D.R., $91.40 for Duke, $100.78 for Dycom, $115.30 for Emcor, $164.71 for Enphase, $101.46 for EnerSys, $82.10 for Eversource, $82.07 for Edwards, $133.54 for Eagle, $37.42 for Freeport, $81.95 for First, $188.35 for Fortinet, $17.71 for Graphic, $40.48 for Granite, $189.43 for HCA, $99.57 for Herc, $406.53 for Humana, $59.37 for Hexcel, $94.62 for Itron, $126.46 for Jacobs, $48.41 for Jabil, $33.67 for KBR, $87.91 for Lennar, $19.37 for Livent, $37.45 for Maxeon, $118.81 for Medtronic, $32.40 for Macquarie, $343.83 for Martin, $232.49 for Molina, $89.26 for Meritage, $98.93 for MasTec, $87.98 for Maxim, $75.67 for NextEra, $221.94 for Universal, $87.43 for Ormat, $115.94 for Oshkosh, $342.53 for Palo Alto, $88.64 for Quanta, $80.55 for Renewable, $69.85 for Sturm, $265.24 for Rockwell, $79.23 for Rapid7, $62.29 for Sunrun, $291.48 for Solaredge, $36.30 for SunPower, $49.19 for Steel, $30.35 for Summit, $240.76 for Stryker, $55.29 for Tenet, $50.43 for TPI, $693.73 for Tesla, $137.54 for Universal, $356.02 for UnitedHealth, $317.86 for United Rentals, $66.78 for U.S. Concrete, $171.94 for Vulcan, $248.51 for Valmont, $101.87 for Xylem, $163.16 for Zimmer
Pricing date:	March 12
Settlement date:	March 19
Agent:	Goldman Sachs & Co. LLC
Fees:	0.81%
Cusip:	40057FS54

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