By Angela McDaniels
Tacoma, Wash., May 21 – Goldman Sachs Group, Inc. priced $2.72 million of callable monthly range accrual notes due May 22, 2030 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate equals the applicable rate multiplied by the proportion of days on which each index closes at or above its trigger level, 50% of its initial level. The applicable rate is 7% for the first five years, 8% for the next five years and 9% for the final five years. Interest is payable monthly.
The payout at maturity will be par if the return of each index is at least negative 50%. If the return of either index is less than negative 50%, investors will be fully exposed to the decline of the least-performing index.
Beginning May 22, 2016, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable monthly range accrual notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $2.72 million
|
| Maturity: | May 22, 2030
|
| Coupon: | Applicable rate multiplied by proportion of days on which each index closes at or above trigger level; applicable rate is 7% for first five years, 8% for next five years and 9% for final five years; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if return of each index is at least negative 50%; otherwise, full exposure to decline of least-performing index
|
| Call option: | Beginning May 22, 2016, notes will be callable at par on any interest payment date
|
| Initial index levels: | 1,255.658 for Russell 2000 and 2,127.83 for S&P 500
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| Trigger levels: | 627.829 for Russell 2000 and 1,063.915 for S&P 500; 50% of initial levels
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| Pricing date: | May 19
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| Settlement date: | May 22
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.75%
|
| Cusip: | 38148T3A5
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