Goldman Sachs plans callable step-up notes with 4% initial rate

By Toni Weeks

San Diego, Aug. 17 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due August 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 4% for the first six years, stepping up to 6% in August 2017 and to 8% in August 2019. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par during February, May, August and November after six months.

The notes (Cusip: 38143UB26) will settle in August.

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

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