By Susanna Moon
Chicago, July 12 – GS Finance Corp. priced $665,000 of callable monthly range accrual notes due June 30, 2032 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annual rate for each day that the index closes at or above the 70% coupon barrier. The coupon will be 7% for the first 120 interest payment dates, stepping up to 10% for the final 60 dates, payable monthly.
The payout at maturity will be par unless the index falls below the 50% trigger level, in which case investors will be fully exposed to any losses.
The notes will be callable at par on any interest payment date after one year.
The notes are guaranteed by Goldman Sachs Group, Inc.
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: | Callable monthly range accrual notes
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| Underlying index: | Russell 2000
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| Amount: | $665,000
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| Maturity: | June 30, 2032
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| Coupon: | For each day that index closes at or above 70% coupon barrier, 7% for the first 120 interest payment dates and 10% for the final 60 dates, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 50%, in which case 1% loss for each 1% decline
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| Call option: | At par on any interest payment date beginning June 30, 2018
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| Initial level: | 1,425.269
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| Coupon barrier: | 997.6883, 70% of initial level
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| Trigger level: | 50% of initial level
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| Pricing date: | June 28
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| Settlement date: | June 30
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 4.55%
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| Cusip: | 40054LES9
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