By Wendy Van Sickle
Columbus, Ohio, May 18 – GS Finance Corp. priced $10 million of autocallable contingent coupon ETF-linked notes due May 20, 2024 tied to the SPDR S&P 500 ETF Trust, 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 at an annual rate of 12.02% if the ETF closes at or above the coupon trigger level, 87% of the initial level, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus a coupon if the ETF closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the ETF finishes at or above 87% of initial value, the payout will be par plus coupon.
Otherwise, investors will lose 1.1494% for every 1% decline beyond 13%.
Goldman Sachs & Co. LLC is the agent, with JPMorgan acting as placement agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon ETF-linked notes
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| Underlying ETF: | SPDR S&P 500 ETF Trust
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| Amount: | $10 million
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| Maturity: | May 20, 2024
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| Coupon: | 12.02% annualized rate, payable quarterly if the ETF closes at or above coupon trigger level, on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If the ETF finishes at or above trigger buffer level, par plus coupon; otherwise, lose 1.1494% for every 1% decline beyond 13%
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| Call: | At par plus coupon if the ETF closes at or above its initial level on any quarterly call observation date
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| Initial ETF level: | $411.59
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| Trigger buffer level: | 87% of initial levels
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| Coupon trigger level: | 87% of initial levels
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| Pricing date: | May 15
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| Settlement date: | May 18
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| Agent: | Goldman Sachs & Co. LLC with JPMorgan acting as placement agent
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| Fees: | 0.1%
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| Cusip: | 40057RBU1
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