Bond Goldman Sachs 3.25% ( US38148TKD09 ) in USD

Goldman Sachs

97.969 % ⇌

United States

US38148TKD09 ( in USD )

3.25% per year ( payment 2 times a year)

30/12/2030

Prospectus brochure of the bond Goldman Sachs US38148TKD09 en USD 3.25%, maturity 30/12/2030

1 000 USD

38148TKD0

N/A

30/06/2025 ( In 127 days )

Goldman Sachs is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, governments, and high-net-worth individuals.

The Bond issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38148TKD09, pays a coupon of 3.25% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/12/2030

Pricing Supplement No. 4308 dated December 22, 2015
Page 1 of 16
424B2 1 d105129d424b2.htm PRICING SUPPLEMENT NO. 4308 DATED DECEMBER 22, 2015
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-198735
$3,000,000
The Goldman Sachs Group, Inc.
Callable Step-Up Fixed Rate Notes due 2030
We will pay you interest semi-annually on your notes at a rate of 3.25% per annum from and including
December 30, 2015 to but excluding December 30, 2019. We will pay you interest semi-annually on your notes
at a rate of 3.50% per annum from and including December 30, 2019 to but excluding December 30, 2022. We
will pay you interest semi-annually on your notes at a rate of 4.00% per annum from and including
December 30, 2022 to but excluding December 30, 2025. We will pay you interest semi-annually on your notes
at a rate of 5.00% per annum from and including December 30, 2025 to but excluding December 30, 2027. We
will pay you interest semi-annually on your notes at a rate of 6.00% per annum from and including
December 30, 2027 to but excluding December 30, 2029. We will pay you interest semi-annually on your notes
at a rate of 8.00% per annum from and including December 30, 2029 to but excluding the stated maturity date
(December 30, 2030). Interest will be paid on each June 30 and December 30. The first such payment will be
made on June 30, 2016.
In addition, we may redeem the notes at our option, in whole but not in part, on each March 30,
June 30,
September 30 and December 30 on or after December 30, 2016, upon five business days' prior notice,
at a redemption price equal to 100% of the outstanding principal amount plus accrued and unpaid
interest to but excluding the redemption date. Although the interest rate will step up during the life of
your notes, you may not benefit from such increase in the interest rate if your notes are redeemed prior
to the stated maturity date.
Per Note
Total
Initial price to public
100.00%
$3,000,000
Underwriting discount
2.55%
$
76,500
Proceeds, before expenses, to The Goldman Sachs Group, Inc.
97.45%
$2,923,500
The initial price to public set forth above does not include accrued interest, if any. Interest on the notes will
accrue from December 30, 2015 and must be paid by the purchaser if the notes are delivered after December
30, 2015.
The return (whether positive or negative) on your investment in notes will depend in part on the issue price
you pay for such notes.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any
representation to the contrary is a criminal offense.
The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation
or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman, Sachs & Co.
or any other affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes
after their initial sale. Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of
sale, this prospectus is being used in a market-making transaction.
Goldman, Sachs & Co.
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Pricing Supplement No. 4308 dated December 22, 2015
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Pricing Supplement No. 4308 dated December 22, 2015.
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Pricing Supplement No. 4308 dated December 22, 2015
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Table of Contents
About Your Prospectus
The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This
prospectus includes this pricing supplement and the accompanying documents listed below. This pricing
supplement constitutes a supplement to the documents listed below and should be read in conjunction with
such documents:
·
Prospectus supplement dated September 15, 2014
·
Prospectus dated September 15, 2014
The information in this pricing supplement supersedes any conflicting information in the documents listed
above. In addition, some of the terms or features described in the listed documents may not apply to your
notes.
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Pricing Supplement No. 4308 dated December 22, 2015
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Table of Contents
SPECIFIC TERMS OF THE NOTES
Please note that in this section entitled "Specific Terms of the Notes", references to "The
Goldman Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group, Inc. and
do not include any of its consolidated subsidiaries. Also, in this section, references to "holders"
mean The Depository Trust Company (DTC) or its nominee and not indirect owners who own
beneficial interests in notes through participants in DTC. Please review the special considerations
that apply to indirect owners in the accompanying prospectus, under "Legal Ownership and Book-
Entry Issuance".
This pricing supplement no. 4308 dated December 22, 2015 (pricing supplement) and the accompanying
prospectus dated September 15, 2014 (accompanying prospectus), relating to the notes, should be read
together. Because the notes are part of a series of our debt securities called Medium-Term Notes, Series D,
this pricing supplement and the accompanying prospectus should also be read with the accompanying
prospectus supplement, dated September 15, 2014 (accompanying prospectus supplement). Terms used but
not defined in this pricing supplement have the meanings given them in the accompanying prospectus or
accompanying prospectus supplement, unless the context requires otherwise.
The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series D
program governed by our Senior Debt Indenture, dated as of July 16, 2008, between us and The Bank of New
York Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The
terms of the notes described here supplement those described in the accompanying prospectus supplement
and accompanying prospectus and, if the terms described here are inconsistent with those described there, the
terms described here are controlling.
Terms of the Callable Step-Up Fixed Rate Notes due 2030
Issuer: The Goldman Sachs Group, Inc.
exercise our right to call the notes or otherwise) or
Principal amount: $3,000,000
other disposition, a U.S. holder will generally
recognize capital gain or loss equal to the difference,
Specified currency: U.S. dollars ($)
if any, between (i) the amount realized on the
Type of Notes: Fixed rate notes (notes)
disposition (other than amounts attributable to
accrued but unpaid interest, which would be treated
Denominations: $1,000 and integral multiples of
as such) and (ii) the U.S. holder's adjusted tax basis
$1,000 in excess thereof
in the note.
Trade date: December 22, 2015
Interest payment dates: June 30 and December 30
Original issue date: December 30, 2015
of each year, commencing on June 30, 2016 and
Stated maturity date: December 30, 2030
ending on the stated maturity date
Interest rate: 3.25% per annum from and including
Regular record dates: for interest due on an interest
December 30, 2015 to but excluding December 30,
payment date, the day immediately prior to the day
2019; 3.50% per annum from and including
on which payment is to be made (as such payment
December 30, 2019 to but excluding December 30,
day may be adjusted under the applicable business
2022; 4.00% per annum from and including
day convention specified below)
December 30, 2022 to but excluding December 30,
Day count convention: 30/360
2025; 5.00% per annum from and including
Business day: New York
December 30, 2025 to but excluding December 30,
2027; 6.00% per annum from and including
Business day convention: following unadjusted
December 30, 2027 to but excluding December 30,
Redemption at option of issuer before stated
2029; 8.00% per annum from and including
maturity: We may redeem the notes at our option, in
December 30, 2029 to but excluding December 30,
whole but not in part, on each March 30, June 30,
2030
September 30 and December 30 on or after
Supplemental discussion of U.S. federal income
December 30, 2016, upon five business days' prior
tax consequences: Subject to the discussion set
notice, at a redemption price equal to 100% of the
forth in the section referenced below regarding short-
outstanding principal amount plus accrued and
term debt securities, it is the opinion of Sidley Austin
unpaid interest to but excluding the redemption date
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LLP that interest on a note will be taxable to a U.S.
Listing: None
holder as ordinary interest income at the time it
ERISA: as described under "Employee Retirement
accrues or is received in accordance with the U.S.
Income Security Act" on page 118 of the
holder's normal method of accounting for tax
accompanying prospectus
purposes (regardless of whether we call the notes).
Upon the disposition of a note by sale, exchange,
redemption or retirement (i.e., if we
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Table of Contents
CUSIP no.: 38148TKD0
FDIC: The notes are not bank deposits and are not
ISIN no.: US38148TKD09
insured by the Federal Deposit Insurance
Corporation or any other governmental agency, nor
Form of notes: Your notes will be issued in book-
are they obligations of, or guaranteed by, a bank
entry form and represented by a master global note.
You should read the section "Legal Ownership and
Calculation Agent: Goldman, Sachs & Co.
Book-Entry Issuance" in the accompanying
Foreign Account Tax Compliance Act (FATCA)
prospectus for more information about notes issued
Withholding May Apply to Payments on Your
in book-entry form
Notes, Including as a Result of the Failure of the
Defeasance applies as follows:
Bank or Broker Through Which You Hold the
Notes to Provide Information to Tax Authorities:
·
full defeasance -- i.e., our right to be relieved of
Please see the discussion under "United States
all our obligations on the note by placing funds
Taxation -- Taxation of Debt Securities -- Foreign
in trust for the holder: yes
Account Tax Compliance Act (FATCA) Withholding"
·
covenant defeasance -- i.e., our right to be
in the accompanying prospectus for a description of
relieved of specified provisions of the note by
the applicability of FATCA to payments made on your
placing funds in trust for the holder: yes
notes.
PS-4
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Table of Contents
ADDITIONAL INFORMATION ABOUT THE NOTES
Book-Entry System
We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of
the notes will settle in immediately available funds through DTC. You will not be permitted to withdraw the
notes from DTC except in the limited situations described in the accompanying prospectus under "Legal
Ownership and Book-Entry Issuance -- What Is a Global Security? -- Holder's Option to Obtain a Non-Global
Security; Special Situations When a Global Security Will Be Terminated". Investors may hold interests in a
master global note through organizations that participate, directly or indirectly, in the DTC system.
In addition to this pricing supplement, the following provisions are hereby incorporated into the global
master note: the description of the 30/360 day count convention appearing under "Description of Debt
Securities We May Offer Calculations of Interest on Debt Securities Interest Rates and Interest" in the
accompanying prospectus, the description of New York business day appearing under "Description of Debt
Securities We May Offer Calculations of Interest on Debt Securities Business Days" in the accompanying
prospectus, the description of the following unadjusted business day convention appearing under "Description
of Debt Securities We May Offer Calculations of Interest on Debt Securities Business Day Conventions" in
the accompanying prospectus and the section "Description of Debt Securities We May Offer Defeasance and
Covenant Defeasance" in the accompanying prospectus.
When We Can Redeem the Notes
We will be permitted to redeem the notes at our option before their stated maturity, as described below.
The notes will not be entitled to the benefit of any sinking fund that is, we will not deposit money on a regular
basis into any separate custodial account to repay your note. In addition, you will not be entitled to require us to
buy your note from you before its stated maturity.
We will have the right to redeem the notes at our option, in whole but not in part, on each March 30,
June 30, September 30 and December 30 on or after December 30, 2016, at a redemption price equal to 100%
of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. We
will provide not less than five business days' prior notice in the manner described under "Description of Debt
Securities We May Offer -- Notices" in the attached prospectus. If the redemption notice is given and funds
deposited as required, then interest will cease to accrue on and after the redemption date on the notes. If any
redemption date is not a business day, we will pay the redemption price on the next business day without any
interest or other payment due to the delay.
What are the Tax Consequences of the Notes
You should carefully consider, among other things, the matters set forth under "United States Taxation" in
the accompanying prospectus supplement and the accompanying prospectus. The following discussion
summarizes certain of the material U.S. federal income tax consequences of the purchase, beneficial
ownership, and disposition of each of the notes. This summary supplements the section "United States
Taxation" in the accompanying prospectus supplement and the accompanying prospectus and is subject to the
limitations and exceptions set forth therein.
As of the original issue date, the notes should not be treated as issued with "original issue
discount" ("OID") despite the fact that the interest rate on the notes is scheduled to step-up over the term of the
notes because Treasury regulations generally deem an issuer to exercise a call option in a manner that
minimizes the yield on the debt instrument for purposes of determining whether a debt instrument is issued with
OID. The yield on the notes would be minimized if we call the notes immediately before the increase in the
interest rate on December 30, 2019 and therefore the notes should be treated as maturing on such date for
OID purposes. This assumption is made solely for purposes of determining whether the notes are issued with
OID for U.S. federal income tax purposes, and is not an indication of our intention to call or not to call the notes
at any time. If we do not call the notes prior to the increase in the interest rate then, solely for OID purposes,
the notes will be deemed to be reissued at their adjusted issue price on December 30, 2019. This deemed
issuance should not give rise to taxable gain or loss to holders. The same analysis would apply to the increase
in the interest rate on December 30, 2022, December 30, 2025, December 30, 2027, and December 30, 2029.
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If the notes are not called on the interest payment date occurring on December 30, 2029 then, because the
period between the interest payment date on December 30, 2029 and the stated maturity date of the notes is
one year or less, the notes, upon their deemed reissuance on December 30, 2029, could be treated as short-
term debt securities for OID purposes (but not for purposes of determining the holding period of your notes).
For a discussion of the U.S. federal income tax consequences to a U.S. holder of owning short-term debt
securities, please review the section entitled "United States Taxation Taxation of Debt Securities
United States Holders Short-Term Debt Securities" in the accompanying prospectus.
Under this approach, and subject to the discussion above regarding short-term debt securities, interest on
a note will be taxable to a U.S. holder as ordinary interest income at the time it accrues or is received in
accordance with the U.S. holder's normal method of accounting for tax purposes (regardless of whether we call
the notes).
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Table of Contents
Upon the disposition of a note by sale, exchange, redemption or retirement (i.e., if we exercise our right to
call the notes or otherwise) or other disposition, a U.S. holder will generally recognize capital gain or loss equal
to the difference, if any, between (i) the amount realized on the disposition (other than amounts attributable to
accrued but unpaid interest, which would be treated as such) and (ii) the U.S. holder's adjusted tax basis in the
note. A U.S. holder's adjusted tax basis in a note generally will equal the cost of the note (net of accrued
interest) to the U.S. holder. The deductibility of capital losses is subject to significant limitations.
Foreign Account Tax Compliance Act (FATCA) Withholding. Pursuant to Treasury regulations, Foreign
Account Tax Compliance Act (FATCA) withholding (as described in "United States Taxation--Taxation of Debt
Securities--Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) will
generally apply to obligations that are issued on or after July 1, 2014; therefore, the notes will generally be
subject to FATCA withholding. However, according to published guidance, the withholding tax described above
will not apply to payments of gross proceeds from the sale, exchange, redemption or other disposition of the
notes made before January 1, 2019.
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Table of Contents
SUPPLEMENTAL PLAN OF DISTRIBUTION
The Goldman Sachs Group, Inc. has agreed to sell to Goldman, Sachs & Co., and Goldman, Sachs & Co.
has agreed to purchase from The Goldman Sachs Group, Inc., the aggregate principal amount of the offered
notes specified on the front cover of this pricing supplement. Goldman, Sachs & Co. proposes initially to offer
the notes to the public at the initial price to public set forth on the cover page of this pricing supplement, and to
certain securities dealers at such price less a concession not in excess of 2.00% of the face amount. If all of
the offered notes are not sold at the initial price to public, the underwriters and/or dealers may change the
offering price and the other selling terms.
In the future, Goldman, Sachs & Co. or other affiliates of The Goldman Sachs Group, Inc. may repurchase
and resell the offered notes in market-making transactions, with resales being made at prices related to
prevailing market prices at the time of resale or at negotiated prices. The Goldman Sachs Group, Inc.
estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will
be approximately $15,000. For more information about the plan of distribution and possible market-making
activities, see "Plan of Distribution" in the accompanying prospectus.
We will deliver the notes against payment therefor in New York, New York on December 30, 2015, which is
the fifth scheduled business day following the date of this pricing supplement and of the pricing of the notes.
Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are
required to settle in three business days, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade notes on any date prior to three business days before delivery will
be required, by virtue of the fact that the notes will initially settle in five business days (T + 5), to specify
alternative settlement arrangements to prevent a failed settlement.
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a "Relevant Member State") with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") an offer of the
offered notes which are the subject of the offering contemplated by this pricing supplement in relation thereto
may not be made to the public in that Relevant Member State except that, with effect from and including the
Relevant Implementation Date, an offer of such offered notes may be made to the public in that Relevant
Member State:
a)
at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;
b)
at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive), subject to obtaining the prior consent of the relevant dealer or dealers
nominated by the Issuer for any such offer; or
c)
at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of offered notes shall require us or any dealer to publish a prospectus pursuant to
Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression "an offer of notes to the public" in relation to any notes in
any Relevant Member State means the communication in any form and by any means of sufficient information
on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or
subscribe the notes, as the same may be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State. The expression "Prospectus Directive" means Directive
2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing
measure in each Relevant Member State.
Goldman, Sachs & Co. has represented and agreed that:
(a) in relation to any notes that have a maturity of less than one year (i) it is a person whose ordinary
activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the
purposes of its business and (ii) it has not offered or sold and will not offer or sell any notes other than to
persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as
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