By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – GS Finance Corp. priced $19.5 million of 0% index-linked trigger notes due Aug. 5, 2025 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the index finishes at or above 109% of its initial level, the payout at maturity will be (i) $1,079.05 plus (ii) the product of (a) $1,000 times (b) 2.0048 times (c) the result of the index return minus 9%, subject to the maximum settlement amount of $1,480.01 for each $1,000 face amount.
If the final level is less than 109% of the initial level but greater than or equal to 92% of the initial level, the payout will be (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 0.465 times (c) the sum of the index return plus 8%.
Otherwise, investors will be exposed to losses of the index beyond 8%.
The initial index level will be the average of the index’s closing levels from Nov. 11 through Nov. 23, and the final index level will be the average of its closing levels from May 1, 2025 through July 31, 2025.
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: | Index-linked trigger notes
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| Underlying index: | Russell 2000
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| Amount: | $19.5 million
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| Maturity: | Aug. 5, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If index finishes at or above 109% of initial level, (i) $1,079.05 plus (ii) product of (a) $1,000 times (b) 2.0048 times (c) result of index return minus 9%, subject to maximum settlement amount of $1,480.01 for each $1,000 face amount; if final level is less than 109% of initial level but greater than or equal to 92% of initial level, (i) $1,000 plus (ii) product of (a) $1,000 times (b) 0.465 times (c) sum of index return plus 8%; otherwise, 1% loss for every 1% decline beyond 8%
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| Initial index level: | Average of closing levels from Nov. 11 through Nov. 23
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| Final level: | Average of closing levels from May 1, 2025 through July 31, 2025
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 22
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.15%
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| Cusip: | 40057K5Z2
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