Obligation Goldman Sachs 1.926% ( US38147QPC41 ) en USD

Goldman Sachs

100 % ▲

Etas-Unis

US38147QPC41 ( en USD )

1.926% par an ( paiement semestriel )

17/12/2029

Prospectus brochure de l'obligation Goldman Sachs US38147QPC41 en USD 1.926%, échéance 17/12/2029

1 000 USD

2 000 000 USD

38147QPC4

BBB+ ( Qualité moyenne inférieure )

NR

17/06/2025 ( Dans 114 jours )

Goldman Sachs est une banque d'investissement multinationale américaine offrant des services financiers tels que la banque d'investissement, la gestion d'actifs, la gestion de patrimoine et la vente et négociation de titres.

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38147QPC41, paye un coupon de 1.926% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/12/2029

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38147QPC41, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Goldman Sachs ( Etas-Unis ) , en USD, avec le code ISIN US38147QPC41, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

Prospectus Supplement No. 3347 dated December 10, 2014
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424B2 1 d837454d424b2.htm PROSPECTUS SUPPLEMENT NO. 3347 DATED DECEMBER 10,
2014
Table of Contents
Filed Pursuant to Rule 424(b)(2)
File Number 333-198735
The Goldman Sachs Group, Inc.
$2,000,000
Callable Quarterly CMS Spread-Linked Notes due 2029
The notes will mature on the stated maturity date (December 17, 2029).
We may redeem your notes at 100% of their face amount plus any accrued and unpaid interest on any
quarterly interest payment date on or after December 17, 2015.
On the stated maturity date, we will pay you an amount in cash equal to the face amount of your notes plus
accrued and unpaid interest, if any. The notes will pay interest quarterly, beginning March 17, 2015. For each
of the first four interest periods, interest will be paid at a rate of 8.00% per annum. For each interest period
thereafter, the amount of interest you will be paid each quarter will be based on the product of (i) 4.5 times
(ii) the CMS spread (the difference between the 30-year CMS rate minus the 2-year CMS rate on the relevant
interest determination date, which will be the second U.S. Government securities business day preceding the
respective interest period) minus 0.25%, subject to the maximum interest rate of 10.00% per annum.
For each quarterly interest period after the fourth interest period, the interest rate per annum for such
interest period will equal:
·
if (i) the CMS spread minus 0.25% times (ii) 4.5 is greater than or equal to 10.00%, the maximum
interest rate of 10.00%;
·
if (i) the CMS spread minus 0.25% times (ii) 4.5 is less than 10.00% but greater than 0%, (i) the
CMS spread minus 0.25% times (ii) 4.5; or
·
if the CMS spread minus 0.25% is equal to or less than 0%, 0%.
After the first four interest periods, if on any interest determination date the 30-year CMS rate does
not exceed the 2-year CMS rate by more than 0.25%, you will receive no interest on your notes for such
interest period, even if the CMS spread minus 0.25% on subsequent days is greater than 0%.
Furthermore, after the first four interest periods, the interest rate per annum will be subject to a
maximum interest rate of 10.00%.
Your investment in the notes involves certain risks, including, among other things, our credit risk.
See page S-4.
You should read the additional disclosure herein so that you may better understand the terms and risks of
your investment.
The estimated value of your notes at the time the terms of your notes were set on the trade date (as
determined by reference to pricing models used by Goldman, Sachs & Co. and taking into account our
credit spreads) was equal to approximately $909 per $1,000 face amount, which is less than the original
issue price. The value of your notes at any time will reflect many factors and cannot be predicted.
Original issue date:
December 17, 2014
Original issue price: 100.00% of the face amount
Underwriting discount:
4.55% of the face amount
Net proceeds to issuer: 95.45% of the face amount
In addition to offers and sales at the initial price to public, the underwriters and/or dealers may offer the
notes from time to time for sale in one or more transactions at market prices prevailing at the time of sale, at
prices related to market prices or at negotiated prices.
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
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Prospectus Supplement No. 3347 dated December 10, 2014
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insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they
obligations of, or guaranteed by, a bank.
Goldman, Sachs & Co.
Prospectus Supplement No. 3347 dated December 10, 2014.
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Prospectus Supplement No. 3347 dated December 10, 2014
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Table of Contents
The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes
we sell initially. We may decide to sell additional notes after the date of this prospectus supplement, at issue
prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The
return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay
for such notes.
Goldman Sachs may use this prospectus in the initial sale of the offered notes. In addition, Goldman,
Sachs & Co., or any other affiliate of Goldman Sachs may use this prospectus in a market-making transaction
in a note after its 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.
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 prospectus supplement and the accompanying documents listed below. This
prospectus 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 prospectus 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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Table of Contents
SUMMARY INFORMATION
We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes".
Each of the offered notes, including your notes, has the terms described below and under "Specific Terms of
Your Notes" on page S-10. Please note that in this prospectus supplement, references to "The Goldman
Sachs Group, Inc.", "we", "our" and "us" mean only The Goldman Sachs Group, Inc. and do not include its
consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the accompanying
prospectus, dated September 15, 2014 as supplemented by the accompanying prospectus supplement, dated
September 15, 2014, relating to Medium-Term Notes, Series D, of The Goldman Sachs Group, Inc.
References to the "indenture" in this prospectus supplement mean the senior debt indenture, dated July 16,
2008, between The Goldman Sachs Group, Inc. and The Bank of New York Mellon, as trustee.
Key Terms
Issuer: The Goldman Sachs Group, Inc.
CMS spread: on any interest determination date, the
difference of the 30-year CMS rate minus the 2-year
CMS rate.
30-year CMS rate: for any interest determination
date, the 30-year U.S. dollar interest rate swap rate
(as described on page S-11) on such day, subject to
adjustment as described elsewhere in this
prospectus supplement
2-year CMS rate: for any interest determination date,
the 2-year U.S. dollar interest rate swap rate (as
described on page S-11) on such day, subject to
adjustment as described elsewhere in this
prospectus supplement
Face amount: each note will have a face amount
equal to $1,000; $2,000,000 in the aggregate for all
the offered notes; the aggregate face amount of the
offered notes may be increased if the issuer, at its
sole option, decides to sell an additional amount of
the offered notes on a date subsequent to the date of
this prospectus supplement
Supplemental discussion of U.S. federal income
tax consequences: We intend to treat your notes as
variable rate debt instruments for U.S. federal
income tax purposes. Under this characterization, it
is the opinion of Sidley Austin LLP that you should
include the interest payments on the notes in
ordinary income at the time you receive or accrue
such payments, depending on your regular method
of accounting for tax purposes. In addition, any gain
or loss you recognize upon the sale, exchange,
redemption or maturity of your notes should be
capital gain or loss except to the extent of any
amount attributable to any accrued but unpaid
interest payments on your notes.
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Trade date: December 10, 2014
Original issue date (settlement date):
December 17, 2014
Stated maturity date: December 17, 2029, subject
to our early redemption right and to adjustment as
described under "Specific Terms of Your Notes --
Payment of Principal on Stated Maturity Date --
Stated Maturity Date" on page S-11
Specified currency: U.S. dollars ("$")
Denominations: $1,000 or integral multiples of
$1,000 in excess thereof
Interest payment dates: expected to be March 17,
June 17, September 17 and December 17 of each
year, beginning on March 17, 2015, and ending on
the stated maturity date, subject to adjustments as
described elsewhere in the prospectus supplement
Early redemption: we have the right to redeem your
notes, in whole but not in part, at a price equal to
100% of the face amount plus accrued and unpaid
interest, on each interest payment date on or after
December 17, 2015, subject to five business days'
prior notice
Interest rate: for the first four interest periods, the
interest rate will be 8.00% per annum. For each
interest period thereafter, subject to our early
redemption right, the interest rate will be based upon
the CMS spread on the relevant interest
determination date for such interest period and will
be a rate per annum equal to:
S-2
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Table of Contents
·
if (i) the CMS spread minus 0.25% times
(ii) 4.5 is greater than or equal to the
maximum interest rate: the maximum
interest rate;
·
if (i) the CMS spread minus 0.25% times
(ii) 4.5 is less than the maximum interest
rate but greater than 0%: (i) the CMS
spread minus 0.25% times (ii) 4.5; or
·
if the CMS spread minus 0.25% is equal to
or less than 0%: 0%
Maximum interest rate: 10.00% per annum
Day count convention: 30/360 (ISDA)
Business day convention: following unadjusted
Regular record dates: the scheduled business day
immediately preceding each interest payment date
Defeasance: not applicable
No listing: the offered notes will not be listed or
displayed on any securities exchange or interdealer
market quotation system
Business day: as described on page S-13
U.S. Government securities business day: any
day except for a Saturday, Sunday or a day on which
the Securities Industry and Financial Markets
Association recommends that the fixed income
department of its members be closed for the entire
day for purposes of trading in U.S. government
securities
Interest determination dates: for each interest
period after the first four interest periods, the second
U.S. Government securities business day preceding
such interest period
Interest period: the period from and including each
interest payment date (or the original issue date, in
the case of the initial interest period) to but excluding
the next succeeding interest payment date (or the
stated maturity date, in the case of the final interest
period)
FDIC: The notes are not bank deposits and are not
insured by the Federal Deposit Insurance
Corporation (the "FDIC") or any other governmental
agency, nor are they obligations of, or guaranteed
by, a bank
Calculation agent: Goldman, Sachs & Co.
CUSIP no.: 38147QPC4
ISIN no.: US38147QPC41
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S-3
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Table of Contents
ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES
An investment in your notes is subject to the risks described below, as well as the risks and
considerations described in the accompanying prospectus dated September 15, 2014 and in the
accompanying prospectus supplement dated September 15, 2014. You should carefully review these risks
and considerations as well as the terms of the notes described herein and in the accompanying
prospectus, dated September 15, 2014, as supplemented by the accompanying prospectus supplement,
dated September 15, 2014, of The Goldman Sachs Group, Inc. Your notes are a riskier investment than
ordinary debt securities. You should carefully consider whether the offered notes are suited to your
particular circumstances.
The Estimated Value of Your Notes At the Time
the Terms of Your Notes Were Set On the Trade
Date (as Determined By Reference to Pricing
Models Used By Goldman, Sachs & Co.) Was
Less Than the Original Issue Price Of Your Notes
The original issue price for your notes exceeds
the estimated value of your notes as of the time the
terms of your notes were set on the trade date, as
determined by reference to Goldman, Sachs & Co.'s
pricing models and taking into account our credit
spreads. Such estimated value on the trade date is
set forth on the cover of this prospectus supplement;
after the trade date, the estimated value as
determined by reference to these models will be
affected by changes in market conditions, our
creditworthiness and other relevant factors. If
Goldman, Sachs & Co. buys or sells your notes (if
Goldman, Sachs & Co. makes a market, which it is
not obligated to do) it will do so at prices that reflect
the estimated value determined by reference to such
pricing models at that time. The price at which
Goldman, Sachs & Co. will buy or sell your notes at
any time also will reflect its then current bid and ask
spread for similar sized trades of structured notes.
In estimating the value of your notes as of the
time the terms of your notes were set on the trade
date, as disclosed on the front cover of this
prospectus supplement, Goldman, Sachs & Co.'s
pricing models consider certain variables, including
principally our credit spreads, interest rates
(forecasted, current and historical rates), volatility,
price-sensitivity analysis and the time to maturity of
the notes. These pricing models are proprietary and
rely in part on certain assumptions about future
events, which may prove to be incorrect. As a result,
the actual value you would receive if you sold your
notes in the secondary market, if any, to others may
differ, perhaps materially, from the estimated
value of your notes determined by reference to our
models due to, among other things, any differences
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in pricing models or assumptions used by others.
See "-- The Market Value of Your Notes May Be
Influenced by Many Unpredictable Factors" below.
The difference between the estimated value of
your notes as of the time the terms of your notes
were set on the trade date and the original issue
price is a result of certain factors, including principally
the underwriting discount and commissions, the
expenses incurred in creating, documenting and
marketing the notes, and an estimate of the
difference between the amounts we pay to Goldman,
Sachs & Co. and the amounts Goldman, Sachs &
Co. pays to us in connection with your notes. We pay
to Goldman, Sachs & Co. amounts based on what
we would pay to holders of a non-structured note
with a similar maturity. In return for such payment,
Goldman, Sachs & Co. pays to us the amounts we
owe under your notes.
In addition to the factors discussed above, the
value and quoted price of your notes at any time will
reflect many factors and cannot be predicted. If
Goldman, Sachs & Co. makes a market in the notes,
the price quoted by Goldman, Sachs & Co. would
reflect any changes in market conditions and other
relevant factors, including any deterioration in our
creditworthiness or perceived creditworthiness.
These changes may adversely affect the value of
your notes, including the price you may receive for
your notes in any market making transaction. To the
extent that Goldman, Sachs & Co. makes a market in
the notes, the quoted price will reflect the estimated
value determined by reference to Goldman, Sachs &
Co.'s pricing models at that time, plus or minus its
then current bid and ask spread for similar sized
trades of structured notes.
S-4
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Table of Contents
Furthermore, if you sell your notes, you will likely
be charged a commission for secondary market
transactions, or the price will likely reflect a dealer
discount. This commission or discount will further
reduce the proceeds you would receive for your
notes in a secondary market sale.
There is no assurance that Goldman, Sachs &
Co. or any other party will be willing to purchase your
notes at any price and, in this regard, Goldman,
Sachs & Co. is not obligated to make a market in the
notes. See "-- Your Notes May Not Have an Active
Trading Market" below.
The Notes Are Subject to the Credit Risk of the
Issuer
Although the return on the notes will be based in
part on the relationship between the 2-year CMS rate
and the 30-year CMS rate, the payment of any
amount due on the notes is subject to our credit risk.
The notes are our unsecured obligations. Investors
are dependent on our ability to pay all amounts due
on the notes, and therefore investors are subject to
our credit risk and to changes in the market's view of
our creditworthiness. See "Description of the Notes
We May Offer -- Information About Our Medium-
Term Notes, Series D Program -- How the Notes
Rank Against Other Debt" on page S-4 of the
accompanying prospectus supplement.
If the CMS Spread Changes, the Market Value of
Your Notes May Not Change in the Same Manner
The price of your notes may move differently
than the CMS spread. The CMS spread will vary
during the term of the notes based on the
relationship between the 2-year CMS rate and the
30-year CMS rate as well as the market's
expectation of this relationship in the future. Changes
in the CMS spread may not result in a comparable
change in the market value of your notes. Even if the
CMS spread less 0.25% is greater than 0% during
some portion of the life of the offered notes after the
first four interest periods, the market value of your
notes may not increase in the same manner. We
discuss some of the reasons for this disparity under
"-- The Market Value of Your Notes May Be
Influenced by Many Unpredictable Factors" below.
Because of the long-dated maturity of your
notes, the expected future performance of the CMS
spread will have a greater impact on the market
value of your notes than if your notes had an earlier
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