By Wendy Van Sickle
Columbus, Ohio, March 31 – GS Finance Corp. priced $6.5 million of callable buffered monthly Russell 2000 index-linked range accrual notes due Sept. 30, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Interest will accrue at 7.15% annualized for each day that the index closes at or above the coupon barrier level, 75% of the initial index level. Interest will be payable monthly.
The payout at maturity will be par unless the index falls by more than the 25% buffer, in which case investors will be exposed to any losses beyond 25%.
The notes will be callable at par on any interest payment date after March 31, 2017.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable monthly range accrual notes
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| Underlying index: | Russell 2000
|
| Amount: | $6.5 million
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| Maturity: | Sept. 30, 2023
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| Coupon: | 7.15% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
|
| Price: | Par
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| Payout at maturity: | If index return is greater than or equal to negative 25%, par; otherwise, 1% loss for every 1% that index declines beyond 25%
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| Call option: | At par on any interest payment date beginning March 31, 2017
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| Initial index level: | 1,109.082
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| Barrier level: | 831.8115, 75% of initial level
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.4%
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| Cusip: | 40054K5U6
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