By Susanna Moon
Chicago, May 7 – GS Finance Corp. priced $1.6 million of callable contingent coupon notes due April 30, 2028 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate if each index closes at or above its 70% coupon barrier on the observation date for that quarter. The contingent coupon will be 7% for first 20 coupon payment dates, stepping up to 9% for the next 12 coupon payment dates and to 11% for the final eight coupon payment dates
The notes are callable at par on any review date after one year.
The payout at maturity will be par unless either index closes below its 55% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
The guarantor is 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 contingent coupon notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $1,603,000
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| Maturity: | April 30, 2028
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| Coupon: | 7% annualized for first 20 coupon payment dates, stepping up to 9% for the next 12 coupon payment dates and to 11% for the final eight coupon payment dates, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 55% trigger level, par; otherwise, 1% loss for each 1% decline of worse performing index
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| Call option: | At par on any quarterly call review date from April 2019 through January 2028
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| Initial levels: | 1,557.895 for Russell and 2,666.94 for S&P
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| Coupon barriers: | 70% of initial levels
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| Trigger levels: | 55% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 30
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 4.2%
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| Cusip: | 40055AX85
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