By William Gullotti
Buffalo, N.Y., April 28 – GS Finance Corp. priced $19 million of 0% index-linked notes due March 10, 2026 linked 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 final level of the index is greater than or equal to 137% of its initial level, the payout at maturity will be par plus 51.84% plus 1.21 times the index’s gain above 137%, subject to a maximum payout of par plus 59.1%.
If the index finishes flat or gains up to 137%, the payout at maturity will be par plus 3% plus 1.32 times the index return.
If the index declines no farther than the 90% buffer, investors will receive par plus 0.3 times the sum of the return plus 10%.
Otherwise, investors will lose 1% for every 1% decline below the buffer.
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: | Index-linked notes
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| Underlying index: | Russell 2000 index
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| Amount: | $19 million
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| Maturity: | March 10, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the index is greater than 137% of initial level, par plus 51.84% plus 1.21 times the index’s gain above 137%, subject to a maximum payout of par plus 59.1%; if the index finishes flat or gains up to 137%, par plus 3% plus 1.32 times the return; if the index declines up to the 90% buffer, par plus 0.3 times the sum of the return plus 10%; otherwise, lose 1% for every 1% decline below the buffer
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| Initial index level: | Average of closing levels on each day during period from and including Jan. 26 to and including Feb. 7
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| Final level: | Average of closing levels on each day during the period from and including Dec. 3, 2025 to and including March 5, 2026
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| Trigger buffer level: | 90% of initial level
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| Pricing date: | Jan. 28
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| Settlement date: | Feb. 4
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.15%
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| Cusip: | 40057KYA5
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