EXHIBIT 99.1
The Goldman Sachs Group, Inc. | 200 West Street | New York, New York 10282
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GOLDMAN SACHS ANNOUNCES TENDER OFFER FOR ANY AND ALL OF ITS 2.625% NOTES DUE JANUARY 2019, 7.50% NOTES DUE FEBRUARY 2019 AND 6.125% NOTES DUE FEBRUARY 2033 | | | |  |
NEW YORK, September 18, 2018 — The Goldman Sachs Group, Inc. (NYSE: GS) (the “Company”) today announced the commencement of a tender offer (the “Offer”) to purchase for cash any and all of the outstanding (i) $2,500,000,000 principal amount of its 2.625% Notes due January 2019 (the “2.625% Notes”), (ii) $3,000,000,000 principal amount of its 7.50% Notes due February 2019 (together with the 2.625% Notes, the “Fixed Price Securities”) and (iii) $2,350,000,000 principal amount of its 6.125% Notes due February 2033 (the “Fixed Spread Securities” and, together with the Fixed Price Securities, the “Securities”). The Offer is subject to the terms and conditions set forth in the related Offer to Purchase, dated September 18, 2018 (the “Offer to Purchase”) and the related notice of guaranteed delivery.
The Offer is scheduled to expire at 5:00 p.m., New York City time, on Monday, September 24, 2018, unless extended or earlier terminated by The Goldman Sachs Group, Inc. (such date and time, as the same may be extended, the “Expiration Time”). Tendered Securities may be withdrawn at any time at or prior to the Expiration Time. It is expected that payment for Securities tendered at or prior to the Expiration Time, including Securities tendered using the guaranteed delivery procedures, will be made on September 27, 2018 (the “Settlement Date”).
The “Total Consideration” for each $1,000 principal amount of Fixed Price Securities tendered and accepted for purchase pursuant to the Offer will be the amount set forth in the table below. The “Total Consideration” for each $1,000 principal amount of Fixed Spread Securities tendered and accepted for purchase pursuant to the Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread specified in the table below over the yield (the “Reference Yield”) based on thebid-side price of the U.S. Treasury Security specified in the table below, as calculated by Goldman Sachs & Co. LLC at 2:00 p.m., New York City time, on September 24, 2018. Holders whose Securities are accepted for purchase pursuant to the Offer will also receive accrued and unpaid interest on their purchased Securities from the last interest payment date for the Securities to, but excluding, the Settlement Date.
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| | | | Fixed Spread Securities | | | Fixed Price
Securities | |
Title of Securities | | CUSIP
Number | | | Outstanding
Principal
Amount
(millions) | | | Fixed
Spread
(Basis
Points) | | Reference
U.S. Treasury
Security | | Bloomberg
Reference
Page | | Hypothetical Total
Consideration(1)(2)(3) | | | Total
Consideration(1)(3) | |
2.625% Notes due January 2019 | | | 38145XAA1 | | | $ | 2,500 | | | — | | — | | — | | | — | | | $ | 1,001.20 | |
7.50% Notes due February 2019 | | | 38141EA25 | | | $ | 3,000 | | | — | | — | | — | | | — | | | $ | 1,019.75 | |
6.125% Notes due February 2033 | | | 38141GCU6 | | | $ | 2,350 | | | +135 bps | | 2.875% due August 15, 2028 | | FIT1 | | $ | 1,188.97 | | | | — | |
| (1) | Per $1,000 principal amount of Securities. |
| (2) | The hypothetical Total Consideration for Fixed Spread Securities validly tendered and accepted for purchase is calculated using the Fixed Spread and assuming the Repurchase Yield (as defined in the Offer to Purchase) had been measured at 2:00 p.m., New York City time, on September 17, 2018. |
| (3) | In addition to the Total Consideration, Holders whose Securities are accepted for payment pursuant to the Offer, including Securities tendered by guaranteed delivery, will be paid accrued and unpaid interest on the Securities to, but excluding, the Settlement Date. |
