Published on 1/11/2005 in the Prospect News Convertibles Daily.
New Issue: Goldman prices $25 million 6.25% notes exchangeable for Marsh & McLennan
New York, Jan. 11 - The Goldman Sachs Group Inc. priced $25 million of one-year 6.25% trigger mandatory exchangeable notes exchangeable for Marsh & McLennan Cos. Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.
Terms of the deal are as follows:
Issuer: | The Goldman Sachs Group Inc.
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Issue: | Trigger mandatory exchangeable medium-term notes
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Underlying stock: | Marsh & McLennan Cos. Inc.
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Amount: | $25.003 million
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Maturity: | Jan. 17, 2006
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Coupon: | 6.25%, payable monthly
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Price: | Par of $32.22
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Yield: | 6.25%
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Payout at maturity: | If Marsh & McLennan stock falls below threshold price then one share of Marsh & McLennan stock per $32.22 face amount, otherwise one share of Marsh & McLennan stock per $32.22 face amount capped at $35.442, 110% of par, in cash or stock at Goldman's option
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Exchange price: | $32.22
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Threshold price: | $25.776, 80% of initial price of $32.22
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Pricing date: | Jan. 6
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Settlement date: | Jan. 13
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Underwriter: | Goldman, Sachs & Co.
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Distribution: | Off shelf
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