New Issue: Goldman Sachs sells $10.1 million fixed-to-floaters on 10-year CMS rate

By Sarah Lizee

Olympia, Wash., June 14 – Goldman Sachs Group, Inc. priced $10.1 million of fixed-to-floating notes due June 15, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% until June 15, 2020. After that, the rate will be equal to the 10-year CMS rate plus a spread of 40 basis points per year. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

Goldman Sachs & Co. LLC and Incapital LLC are the agents.

Issuer:	Goldman Sachs Group, Inc.
Issue:	Fixed-to-floating notes
Amount:	$10.1 million
Maturity:	June 15, 2025
Coupon:	4% initially; beginning June 15, 2020, equal to the 10-year CMS rate plus 40 bps, subject to a 0% floor; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	June 13
Settlement date:	June 15
Agents:	Goldman Sachs & Co. LLC and Incapital LLC
Fees:	1.551%
Cusip:	38150AAD7

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