By Wendy Van Sickle
Columbus, Ohio, May 16 – GS Finance Corp. priced $648,000 of callable buffered monthly range accrual notes due Nov. 17, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Interest accrues at an annual rate of 5% for each day that the index closes at or above the barrier level, 75% of the initial index level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 25%, in which case investors will lose 1% for each 1% decline beyond the 75% barrier level.
The notes will be callable at par plus any interest due on any interest payment date on or after May 17, 2018.
Goldman Sachs & Co. is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable buffered monthly range accrual notes
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Underlying index: | S&P 500
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Amount: | $648,000
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Maturity: | Nov. 17, 2024
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Coupon: | 5% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 25%, in which case 1% loss for every 1% that index declines beyond 25%
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Call option: | At par plus interest on any interest payment date on or after May 17, 2018
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Initial index level: | 2,390.90
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Barrier level: | 1,793.175, 75% of initial level
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Pricing date: | May 12
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Settlement date: | May 17
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Agent: | Goldman Sachs & Co.
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Fees: | 4.4%
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Cusip: | 40054LAC8
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