Goldman plans callable step-up notes due 2029 with 5% initial rate

By Marisa Wong

Madison, Wis., Aug. 9 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due August 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 5% for the first eight years. It will step up to 6% in August 2019, to 7.125% in August 2024 and to 8% in August 2027. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date beginning in February 2012.

Goldman Sachs & Co. is the underwriter.

The notes will settle in August.

The Cusip is 38143UXT3.

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