By Tali Rackner
Minneapolis, Aug. 1 – GS Finance Corp. priced $282,000 of callable quarterly range accrual notes due July 31, 2027 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.
Interest accrues at an annual rate of 7% for each day that the index closes at or above the barrier level, 70% of the initial index level. Interest is payable quarterly.
The payout at maturity will be par unless the index falls by more than 50%, in which case investors will lose 1% for each 1% decline beyond the 50% buffer level.
The notes will be callable at par plus any interest due on any interest payment date on or after July 31, 2018.
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 quarterly range accrual notes
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| Underlying index: | Russell 2000
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| Amount: | $282,000
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| Maturity: | July 31, 2027
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| Coupon: | 7% per year multiplied by proportion of days on which index closes at or above barrier level; payable quarterly
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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 every 1% that index declines beyond 50%
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| Call option: | At par plus interest on any interest payment date on or after July 31, 2018
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| Initial index level: | 1,433.624
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| Barrier level: | 1,003.5368, 70% of initial level
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| Pricing date: | July 27
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| Settlement date: | July 31
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| Agent: | Goldman Sachs & Co.
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| Fees: | 4.45%
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| Cusip: | 40054LHU1
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