By Toni Weeks
San Diego, April 16 - Goldman Sachs Group, Inc. priced $25.62 million of 15-year callable quarterly CMS spread notes due April 20, 2027 linked to the 30-year Constant Maturity Swap Rate and the two-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 9% during the first year.
After the first year, if four times the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to 10%, the interest rate will be 10% per year. If four times the CMS spread is less than 10% but greater than 0%, interest will be equal to four times the CMS spread. Interest is payable quarterly.
The notes will not accrue interest if four times the CMS spread is at or less than 0%.
The payout at maturity will be par.
The notes are callable in whole at par plus accrued interest on any interest payment date beginning July 20.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable quarterly CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and two-year CMS rate
|
| Amount: | $25,619,000
|
| Maturity: | April 20, 2027
|
| Coupon: | 9% for first year; after that, four times CMS spread, capped at 10%, if CMS spread is positive and 0% if CMS spread is zero or negative; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning July 20
|
| Pricing date: | April 12
|
| Settlement date: | April 20
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.36743%
|
| Cusip: | 38143U2D2
|
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