By Angela McDaniels
Tacoma, Wash., April 1 – GS Finance Corp. priced $6 million of callable CMS spread and Russell 2000 index-linked range accrual notes due April 4, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The interest rate is 10% for the first year. After that, it will be the interest factor multiplied by the proportion of days on which the index closes at or above the barrier level, 75% of the initial index level. Interest is payable quarterly.
The interest factor is five times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a maximum interest factor of 10% and a minimum of zero.
The payout at maturity will be par.
Beginning April 4, 2017, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable CMS spread and Russell 2000 index-linked range accrual notes
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Underliers: | 30-year CMS rate, two-year CMS rate, Russell 2000 index
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Amount: | $6 million
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Maturity: | April 4, 2031
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Coupon: | 10% for first year; after that, interest factor multiplied by proportion of days on which index closes at or above barrier level; interest factor is five times spread of 30-year CMS rate over the two-year CMS rate, subject to maximum interest factor of 10% and minimum of zero; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning April 4, 2017
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Initial index level: | 1,110.442
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Barrier level: | 832.8315, 75% of initial level
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Pricing date: | March 30
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Settlement date: | April 4
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Underwriter: | Goldman Sachs & Co.
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Fees: | 3.2%
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Cusip: | 40054K7A8
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