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Goldman Sachs to price range accrual notes linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Feb. 3 – Goldman Sachs Group, Inc. plans to price callable monthly Russell 2000 index-linked range accrual notes due Feb. 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 7% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 65% of the initial index level. Interest is payable monthly.
If the index return is greater than or equal to negative 50%, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline.
Beginning Feb. 27, 2016, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
The notes are expected to price Feb. 25 and settle Feb. 27.
The Cusip number is 38147QTL0.
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