GS Finance plans callable contingent coupon notes on S&P, Russell

By Sarah Lizee

Olympia, Wash., Nov. 25 – GS Finance Corp. plans to price callable contingent coupon notes due Dec. 2, 2024 linked to 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 pay a contingent quarterly coupon if each index closes at or above its 60% coupon trigger level on the determination date for that period. The coupon will be at an annualized rate of 3.35%.

Starting December 2020, the notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date.

If each index finishes above 60% of its initial level, the payout will be par plus the final coupon.

If any index finishes below 60% of its initial level but at or above 50% of its initial level, the payout will be par.

Otherwise, the payout will be par plus the return of the lesser performing index with full exposure to the decline.

Goldman Sachs & Co. LLC is the agent.

The notes will price on Nov. 26.

The Cusip number is 40056XR24.

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