Goldman plans seven-year callable step-up notes with 2.5% initial rate

By Susanna Moon

Chicago, May 10 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due May 2019, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.5% initially, stepping up to 3.25% in November 2013, to 4.25% in May 2015, to 5.5% in November 2016 and to 7.5% in May 2018. Interest is payable monthly.

The payout at maturity will be par.

The notes will be callable at par monthly beginning in November.

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

The notes will settle in May.

The Cusip number is 38143U3Y5.

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