By William Gullotti
Buffalo, N.Y., Aug. 19 – GS Finance Corp. priced $2.4 million of autocallable contingent coupon ETF-linked notes due March 25, 2024 tied to the VanEck Vectors Gold Miners ETF and the SPDR S&P Metals & Mining ETF, 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 monthly coupon at an annual rate of 9% if each ETF closes at or above the coupon trigger level, 80% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each ETF closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and each ETF closes at or above 85% of initial value, the payout will be par plus coupon.
If any ETF falls by more than 15%, investors will lose 1% for every 1% decline of the worst performer beyond 15%.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon ETF-linked notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF, SPDR S&P Metals & Mining ETF
|
| Amount: | $2,401,000
|
| Maturity: | March 25, 2024
|
| Coupon: | 9% annualized rate, payable monthly if each ETF closes at or above coupon trigger level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus coupon; if any ETF falls by more than 15%, lose 1% for every 1% decline of the worst performer below the buffer
|
| Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly call observation date after six months
|
| Initial ETF levels: | $34.93 for VanEck, $42.51 for SPDR
|
| Trigger buffer levels: | 85% of initial levels
|
| Coupon trigger levels: | 80% of initial levels
|
| Pricing date: | June 17
|
| Settlement date: | June 22
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 2.75%
|
|
|
| Cusip: | 40057HL57
|
|
|
© 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.
