Goldman plans callable step-up notes due 2026 with 5% initial rate

By Marisa Wong

Madison, Wis., July 20 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due July 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 5% in years one through 10, 6% in years 11 and 12, 7% in years 13 and 14 and 8% until maturity. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning January 2012, the notes will be callable at par on quarterly redemption dates.

The notes (Cusip: 38143UWX5) will price and settle in July.

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

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