By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – GS Finance Corp. priced $10.2 million of 0% step-down trigger autocallable notes due Sept. 23, 2027 linked to the least performing of the SPDR S&P 500 ETF trust, the iShares Russell 2000 ETF and the Invesco QQQ trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Starting Sept. 25, 2023, the notes will be automatically called at par of $10 plus a call premium of 11.2% per year if each ETF closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level of the worse performing ETF is greater than or equal to its downside threshold, 65% of its initial level, the payout will be $15.60 per $10 note. Otherwise, investors will lose 1% for each 1% decline of the least-performing ETF from its initial level.
Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step-down trigger autocallable notes
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| Underlying ETFs: | SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and Invesco QQQ trust, series 1
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| Amount: | $10.2 million
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| Maturity: | Sept. 23, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of the worse performing ETF is greater than or equal to its downside threshold, $15.60 per $10 note; otherwise, 1% loss for each 1% decline of the least-performing ETF from its initial level
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| Call: | Starting Sept. 25, 2023, the notes will be automatically called at par of $10 plus a call premium of 11.2% per year if each ETF closes at or above its initial level on any quarterly observation date
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| Initial levels: | $388.55 for S&P, $180.52 for Russell and $291.05 for Invesco QQQ
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| Downside thresholds: | $252.56 for S&P, $117.34 for Russell and $189.18 for Invesco QQQ; 65% of initial levels
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 23
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| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
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| Fees: | 1%
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| Cusip: | 36264Q610
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