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GS Finance plans callable monthly range accrual notes tied to S&P 500
By Angela McDaniels
Tacoma, Wash., May 1 – GS Finance Corp. plans to price callable monthly range accrual notes due May 31, 2032 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The interest rate will be 7% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 75% of the initial index level. Interest will be payable monthly.
Beginning in May 2018, the notes will be callable at par on any interest payment date.
If the final index level is at least 50% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Goldman Sachs & Co. is the agent.
The notes will price May 26.
The Cusip number is 40054LBB9.
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