By William Gullotti
Buffalo, N.Y., Sept. 21 – GS Finance Corp. priced $1 million of 0% autocallable underlier-linked notes due Jan. 8, 2024 linked to the Dow Jones industrial average and the Invesco S&P 500 High Beta ETF, according to a 424B2 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 annualized rate of 3.5% if each underlier closes at or above the coupon trigger level, 75% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the lesser-performing underlier closes at or above its initial level on any quarterly observation date after six months.
If the lesser-performing underlier finishes at or above its coupon trigger, the payout at maturity will be par plus the final coupon.
If the worst performer falls by more than 25% but not more than its 35% trigger buffer, the payout will be par. Otherwise, investors will be exposed to the worst performer’s decline from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable underlier-linked notes
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| Underlying assets: | Dow Jones industrial average, Invesco S&P 500 High Beta ETF
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| Amount: | $1,000,000
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| Maturity: | Jan. 8, 2024
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| Coupon: | 3.5% annualized, payable quarterly if each underlier closes at or above coupon trigger level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If the lesser-performing underlier finishes at or above coupon trigger level, par plus final coupon; if the worst performer declines beyond 25% but no more than 35%, par; otherwise, investors will be fully exposed to the worst performer’s decline from its initial level
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| Call: | Automatically at par plus coupon if lesser-performing underlier closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | 34,292.29 for index, $75.06 for fund
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| Coupon trigger levels: | 75% of initial levels
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| Trigger buffer levels: | 65% of initial levels
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| Pricing date: | June 29
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| Settlement date: | July 2
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.6%
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| Cusip: | 40057HSD3
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