By Devika Patel
Knoxville, Tenn., July 5 – GS Finance Corp. priced $560,000 of 0% autocallable notes due July 1, 2025 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be automatically called at par plus a call premium of 8% per year if each index closes at or above its call level on any annual call date beginning on June 24, 2019.
For each index, the call level will be equal to 101.85% of the initial index level for the first observation date, stepping up by 1.85% each year to 111.1% of the initial index level for the final call date on June 24, 2024.
If the notes are not called, the payout at maturity will be par plus any gain unless either index declines more than 20% from its initial value, in which case investors will lose 1% for each 1% decline of the lesser performing index beyond the 20% buffer.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $560,000
|
| Maturity: | July 1, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless either index loses more than 20%, in which case 1% loss for each 1% decline of worst performer from initial level
|
| Call: | Automatically at par plus 8% per year if both indexes close above their call level on any annual call date beginning June 24, 2019
|
| Initial levels: | 2,754.88 for S&P and 1,685.577 for Russell
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.4%
|
| Cusip: | 40055QG22
|
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