By Taylor Fox
New York, March 22 – GS Finance Corp. priced $450,000 of callable contingent coupon index-linked notes due March 13, 2025 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, 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 annualized rate of 6.05% if each index closes at or above its 60% coupon trigger level on the determination date for that period.
Beginning in March 2022, the notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date.
If each index finishes above 60% of its initial level, the payout will be par plus the final coupon unless either index finishes below 60% of its initial level, in which case investors will be lose 1% for each 1% decline of the least performing index.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
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 index-linked notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $450,000
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Maturity: | March 13, 2025
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Contingent coupon: | 6.05% per year, payable quarterly if each index closes at or above coupon trigger level on determination date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for each 1% decline of least performing index
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Call: | Beginning in March 2022, at par plus any contingent coupon at issuer’s option on any coupon payment date
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Initial index levels: | 2,245.059 for Russell, 31,832.74 for Dow and 3,875.44 for S&P
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Coupon trigger: | 60% of initial levels
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Pricing date: | March 9
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Settlement date: | March 12
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.55%
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Cusip: | 40057FNB6
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