By Devika Patel
Knoxville, Tenn., May 24 – GS Finance Corp. priced $520,000 of callable contingent coupon notes due May 24, 2024 linked to the worse performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each month, the notes pay a contingent coupon at the rate of 5.75% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes are callable at par of $1,000 on any contingent coupon payment date from May 2020 through April 2024.
The payout at maturity will be par plus the final coupon payment, if any, unless any index finishes below its 60% barrier level, in which case investors will be fully exposed to the decline of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000, Dow Jones industrial average and S&P 500
|
| Amount: | $520,000
|
| Maturity: | May 24, 2024
|
| Coupon: | 5.75% per year, payable monthly if each index closes at or above coupon barrier on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index declines by more than 40%, in which case full exposure to losses of lesser-performing index
|
| Call option: | At par on any interest payment date from May 2020 through April 2024
|
| Initial levels: | 1,545.248 for Russell 2000, 25,877.33 for Dow and 2,864.36 for S&P 500
|
| Coupon barrier: | 70% of initial level
|
| Barrier level: | 60% of initial level
|
| Pricing date: | May 21
|
| Settlement date: | May 24
|
| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 4.275%
|
| Cusip: | 40056FJ22
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
