New Issue: GS Finance sells $5 million leveraged notes on basket of 78 stocks

By Marisa Wong

Los Angeles, Feb. 22 – GS Finance Corp. priced $5 million of 0% leveraged notes due Feb. 16, 2022 linked a basket of common shares or ordinary shares of 78 companies, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

The basket stocks are Aecom with a 0.66% weight; Ameren Corp. with a 1.29% weight; Advanced Energy Industries, Inc. with a 0.55% weight; AES Corp. with a 2.82% weight; Avangrid, Inc. with a 1.60% weight; Albemarle Corp. with a 1.54% weight; Anthem, Inc. with a 1.35% weight; Air Products and Chemicals, Inc. with a 0.81% weight; Aptiv plc with a 3.07% weight; Bloom Energy Corp. with a 0.78% weight; Bright Horizons Family Solutions Inc. with a 2.53% weight; Ball Corp. with a 0.67% weight; Boston Scientific Corp. with a 0.60% weight; Caterpillar Inc. with a 2.22% weight; Crown Holdings, Inc. with a 0.55% weight; Chegg, Inc. with a 2.15% weight; Cummins Inc. with a 1.86% weight; Centene Corp. with a 0.46% weight; Cree, Inc. with a 1.07% weight; CrowdStrike Holdings, Inc. with a 1.18% weight; Darling Ingredients Inc. with a 1.37% weight; Deere & Co. with a 1.93% weight; D.R. Horton, Inc. with a 1.79% weight; Duke Energy Corp. with a 1.88% weight; Dycom Industries, Inc. with a 0.85% weight; Emcor Group, Inc. with a 1.01% weight; Enphase Energy, Inc. with a 1.23% weight; EnerSys with a 0.59% weight; Eversource Energy with a 1.17% weight; Edwards Lifesciences Corp. with a 0.67% weight; Eagle Materials Inc. with a 0.64% weight; Freeport-McMoRan Inc. with a 0.98% weight; First Solar, Inc. with a 1.26% weight; Fortinet, Inc. with a 0.44% weight; Graphic Packaging Holding Co. with a 1.49% weight; HCA Healthcare, Inc. with a 1.78% weight; Humana, Inc. with a 0.52% weight; Hexcel Corp. with a 1.13% weight; Itron, Inc. with a 0.63% weight; Jacobs Engineering Group, Inc. with a 0.96% weight; Jabil, Inc. with a 1.13% weight; KBR, Inc. with a 1.90% weight; Lennar Corp. with a 1.78% weight; Livent Corp. with a 1.08% weight; Medtronic plc with a 1.84% weight; Macquarie Infrastructure Corp. with a 1.28% weight; Martin Marietta Materials, Inc. with a 0.75% weight; Molina Healthcare, Inc. with a 0.57% weight; Meritage Homes Corp. with a 1.38% weight; MasTec, Inc. with a 1.21% weight; Maxim Integrated Products, Inc. with a 2.25% weight; NextEra Energy, Inc. with a 1.07% weight; Universal Display Corp. with a 1.17% weight; Ormat Technologies, Inc. with a 1.51% weight; Oshkosh Corp. with a 1.29% weight; Palo Alto Networks, Inc. with a 1.00% weight; Quanta Services, Inc. with a 0.85% weight; Renewable Energy Group, Inc. with a 1.80% weight; Sturm, Ruger & Co., Inc. with a 1.30% weight; Rockwell Automation, Inc. with a 1.13% weight; Rapid7, Inc. with a 1.14% weight; Sunrun Inc. with a 0.77% weight; Solaredge Technologies, Inc. with a 0.58% weight; SunPower Corp. with a 3.21% weight; Steel Dynamics, Inc. with a 2.26% weight; Summit Materials, Inc. with a 0.44% weight; Smith & Wesson Brands, Inc. with a 1.14% weight; Stryker Corp. with a 1.44% weight; Tenet Healthcare Corp. with a 1.14% weight; TPI Composites, Inc. with a 0.83% weight; Tesla, Inc. with a 2.90% weight; Universal Health Services, Inc. with a 1.31% weight; UnitedHealth Group Inc. with a 1.09% weight; United Rentals, Inc. with a 0.72% weight; Vulcan Materials Co. with a 0.70% weight; Valmont Industries, Inc. with a 1.08% weight; Xylem Inc. with a 1.61% weight; and Zimmer Biomet Holdings, Inc. with a 1.27% weight.

If the basket return is positive, the payout at maturity will be par plus 2 times the gain, subject to a maximum settlement amount of $1,145.20 per $1,000 of notes.

Investors will be fully exposed to any basket decline.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged notes
Underlying basket:	Aecom (NYSE: ACM) with a 0.66% weight; Ameren Corp. (NYSE: AEE) with a 1.29% weight; Advanced Energy Industries, Inc. (Nasdaq: AEIS) with a 0.55% weight; AES Corp. (NYSE: AES) with a 2.82% weight; Avangrid, Inc. (NYSE: AGR) with a 1.60% weight; Albemarle Corp. (NYSE: ALB) with a 1.54% weight; Anthem, Inc. (NYSE: ANTM) with a 1.35% weight; Air Products and Chemicals, Inc. (NYSE: APD) with a 0.81% weight; Aptiv plc (NYSE: APTV) with a 3.07% weight; Bloom Energy Corp. (NYSE: BE) with a 0.78% weight; Bright Horizons Family Solutions Inc. (NYSE: BFAM) with a 2.53% weight; Ball Corp. (NYSE: BLL) with a 0.67% weight; Boston Scientific Corp. (NYSE: BSX) with a 0.60% weight; Caterpillar Inc. (NYSE: CAT) with a 2.22% weight; Crown Holdings, Inc. (NYSE: CCK) with a 0.55% weight; Chegg, Inc. (NYSE: CHGG) with a 2.15% weight; Cummins Inc. (NYSE: CMI) with a 1.86% weight; Centene Corp. (NYSE: CNC) with a 0.46% weight; Cree, Inc. (Nasdaq: CREE) with a 1.07% weight; CrowdStrike Holdings, Inc. (Nasdaq: CRWD) with a 1.18% weight; Darling Ingredients Inc. (NYSE: DAR) with a 1.37% weight; Deere & Co. (NYSE: DE) with a 1.93% weight; D.R. Horton, Inc. (NYSE: DHI) with a 1.79% weight; Duke Energy Corp. (NYSE: DUK) with a 1.88% weight; Dycom Industries, Inc. (NYSE: DY) with a 0.85% weight; Emcor Group, Inc. (NYSE: EME) with a 1.01% weight; Enphase Energy, Inc. (Nasdaq: ENPH) with a 1.23% weight; EnerSys (NYSE: ENS) with a 0.59% weight; Eversource Energy (NYSE: ES) with a 1.17% weight; Edwards Lifesciences Corp. (NYSE: EW) with a 0.67% weight; Eagle Materials Inc. (NYSE: EXP) with a 0.64% weight; Freeport-McMoRan Inc. (NYSE: FCX) with a 0.98% weight; First Solar, Inc. (Nasdaq: FSLR) with a 1.26% weight; Fortinet, Inc. (Nasdaq: FTNT) with a 0.44% weight; Graphic Packaging Holding Co. (NYSE: GPK) with a 1.49% weight; HCA Healthcare, Inc. (NYSE: HCA) with a 1.78% weight; Humana, Inc. (NYSE: HUM) with a 0.52% weight; Hexcel Corp. (NYSE: HXL) with a 1.13% weight; Itron, Inc. (Nasdaq: ITRI) with a 0.63% weight; Jacobs Engineering Group, Inc. (NYSE: J) with a 0.96% weight; Jabil, Inc. (NYSE: JBL) with a 1.13% weight; KBR, Inc. (NYSE: KBR) with a 1.90% weight; Lennar Corp. (NYSE: LEN) with a 1.78% weight; Livent Corp. (NYSE: LTHM) with a 1.08% weight; Medtronic plc (NYSE: MDT) with a 1.84% weight; Macquarie Infrastructure Corp. (NYSE: MIC) with a 1.28% weight; Martin Marietta Materials, Inc. (NYSE: MLM) with a 0.75% weight; Molina Healthcare, Inc. (NYSE: MOH) with a 0.57% weight; Meritage Homes Corp. (NYSE: MTH) with a 1.38% weight; MasTec, Inc. (NYSE: MTZ) with a 1.21% weight; Maxim Integrated Products, Inc. (Nasdaq: MXIM) with a 2.25% weight; NextEra Energy, Inc. (NYSE: NEE) with a 1.07% weight; Universal Display Corp. (Nasdaq: OLED) with a 1.17% weight; Ormat Technologies, Inc. (NYSE: ORA) with a 1.51% weight; Oshkosh Corp. (NYSE: OSK) with a 1.29% weight; Palo Alto Networks, Inc. (NYSE: PANW) with a 1.00% weight; Quanta Services, Inc. (NYSE: PWR) with a 0.85% weight; Renewable Energy Group, Inc. (Nasdaq: REGI) with a 1.80% weight; Sturm, Ruger & Co., Inc. (NYSE: RGR) with a 1.30% weight; Rockwell Automation, Inc. (NYSE: ROK) with a 1.13% weight; Rapid7, Inc. (Nasdaq: RPD) with a 1.14% weight; Sunrun Inc. (Nasdaq: RUN) with a 0.77% weight; Solaredge Technologies, Inc. (Nasdaq: SEDG) with a 0.58% weight; SunPower Corp. (Nasdaq: SPWR) with a 3.21% weight; Steel Dynamics, Inc. (Nasdaq: STLD) with a 2.26% weight; Summit Materials, Inc. (NYSE: SUM) with a 0.44% weight; Smith & Wesson Brands, Inc. (Nasdaq: SWBI) with a 1.14% weight; Stryker Corp. (NYSE: SYK) with a 1.44% weight; Tenet Healthcare Corp. (NYSE: THC) with a 1.14% weight; TPI Composites, Inc. (Nasdaq: TPIC) with a 0.83% weight; Tesla, Inc. (Nasdaq: TSLA) with a 2.90% weight; Universal Health Services, Inc. (NYSE: UHS) with a 1.31% weight; UnitedHealth Group Inc. (NYSE: UNH) with a 1.09% weight; United Rentals, Inc. (NYSE: URI) with a 0.72% weight; Vulcan Materials Co. (NYSE: VMC) with a 0.70% weight; Valmont Industries, Inc. (NYSE: VMI) with a 1.08% weight; Xylem Inc. (NYSE: XYL) with a 1.61% weight; and Zimmer Biomet Holdings, Inc. (NYSE: ZBH) with a 1.27% weight
Amount:	$5 million
Maturity:	Feb. 16, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 2 times any basket gain, subject to 14.52% maximum return; full exposure to losses
Initial prices:	$53.75 for Aecom, $75.50 for Ameren, $111.61 for Advanced Energy, $26.88 for AES, $45.82 for Avangrid, $179.92 for Albemarle, $330.43 for Anthem, $290.67 for Air Products, $146.06 for Aptiv, $38.71 for Bloom, $156.24 for Bright Horizons, $91.09 for Ball, $36.06 for Boston Scientific, $195.89 for Caterpillar, $98.39 for Crown, $98.42 for Chegg, $240.87 for Cummins, $66.51 for Centene, $119.59 for Cree, $226.42 for CrowdStrike, $66.30 for Darling, $301.22 for Deere, $68.72 for D.R. Horton, $91.56 for Duke, $86.33 for Dycom, $98.26 for Emcor, $203.69 for Enphase, $90.18 for EnerSys, $90.16 for Eversource, $89.26 for Edwards Lifesciences, $111.50 for Eagle Materials, $30.56 for Freeport-McMoRan, $104.18 for First Solar, $147.90 for Fortinet, $17.87 for Graphic Packaging, $170.47 for HCA, $416.02 for Humana, $48.32 for Hexcel, $100.69 for Itron, $112.77 for Jacobs, $44.58 for Jabil, $31.06 for KBR, $76.34 for Lennar, $21.17 for Livent, $118.72 for Medtronic, $29.30 for Macquarie Infrastructure, $305.03 for Martin Marietta, $228.59 for Molina, $81.81 for Meritage, $78.09 for MasTec, $95.43 for Maxim, $81.84 for NextEra, $245.95 for Universal Display, $110.45 for Ormat, $93.86 for Oshkosh, $365.80 for Palo Alto, $74.77 for Quanta, $85.21 for Renewable Energy, $73.09 for Sturm, $262.42 for Rockwell, $87.44 for Rapid7, $90.63 for Sunrun, $335.40 for Solaredge, $31.59 for SunPower, $40.73 for Steel Dynamics, $23.78 for Summit Materials, $20.68 for Smith & Wesson, $243.20 for Stryker, $44.89 for Tenet, $68.505 for TPI, $854.41 for Tesla, $135.68 for Universal Health, $355.04 for UnitedHealth, $254.45 for United Rentals, $161.60 for Vulcan, $209.40 for Valmont, $105.21 for Xylem, $162.95 for Zimmer
Pricing date:	Jan. 13
Settlement date:	Jan. 21
Agent:	Goldman Sachs & Co. LLC
Fees:	0.81%
Cusip:	40057F5G5

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