Published on 6/30/2011 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $2.29 million range accrual notes tied to Libor, S&P 500
By Susanna Moon
Chicago, June 30 - Goldman Sachs Group, Inc. priced $2.29 million of callable quarterly range accrual notes due June 30, 2026 linked to the S&P 500 index and Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 7.25% for the first three years. After that, it will accrue at 7.25% per year on each day that Libor is 6.5% or less and the index closes above the trigger level, which is 70% of the initial level. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable at par on any interest payment date after three years.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable quarterly range accrual notes
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Underlying index: | S&P 500
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Amount: | $2,292,000
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Maturity: | June 30, 2026
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Coupon: | 7.25% for three years; then 7.25% multiplied by proportion of days on which Libor is 6.5% or less and index closes above trigger level; 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 interest payment dates beginning June 30, 2014
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Initial index level: | 1,296.67
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Trigger level: | 907.669, or 70% of initial level
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Pricing date: | June 28
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Settlement date: | June 30
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.9%
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Cusip: | 38143UWD9
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