Goldman Sachs Statement on GSC ETN
NEW YORK, NY, June 9, 2015, The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it will discontinue, effective immediately, any further issuances of its GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN due 2037 (NYSE Arca: GSC), part of its Medium-Term Notes, Series B (the “ETN”). The ETN holders’ option to require The Goldman Sachs Group, Inc. to repurchase the ETNs on a weekly redemption date (subject to the terms and conditions set forth in the prospectus, as amended or supplemented from time to time, relating to the ETN) will not be affected by this discontinuation of new issuances.
Investors should be aware that the discontinuation of additional issuance may cause an imbalance of supply and demand in the secondary market for the ETN, which may cause the ETN to trade at a premium or discount in relation to its intraday indicative value. Paying a premium purchase price over the intraday indicative value of the ETN could lead to a loss on the investment even if the index to which the ETN is linked increases in value. In addition, if investors elect to redeem their ETN, any redemption would be at the redemption value and would not include any premium above that value.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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