By Jennifer Chiou
New York, Dec. 19 - Goldman Sachs Group, Inc. priced $1.5 million of callable monthly Russell 2000 index-linked range accrual notes due Dec. 20, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a rate for each day that the index closes at or above 75% of the initial index level. The rate will be 8% for the first 60 months, stepping up to 10% for the next 60 months and to 12% for the final 60 months. Interest is payable monthly.
The payout at maturity will be par if the index falls by up to 50%.
Otherwise, investors will be fully exposed to any losses if the index finishes below the 50% trigger level.
The notes will be callable at par on any interest payment date beginning on Dec. 20, 2014.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable monthly range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 20, 2028
|
| Coupon: | Reference rate multiplied by proportion of days on which index closes at or above 75% of the initial index level; reference rate 8% for the first 60 months, stepping up to 10% for the next 60 months and to 12% for the final 60 months; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless the final index level falls below 50% of the initial level, in which case investors will be fully exposed to losses from the initial level
|
| Call option: | At par on any interest payment date beginning on Dec. 20, 2014
|
| Initial level: | 1,118.89
|
| Trigger level: | 839.1675, 75% of initial level
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.55%
|
| Cusip: | 38147Q5A0
|
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