Goldman plans callable step-up notes due 2022 with 3% initial rate

By Jennifer Chiou

New York, Aug. 2 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due August 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3% initially, stepping up to 4% in August 2015, to 5% in August 2018, to 6% in August 2020 and to 7.5% in August 2021. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any monthly call date beginning in February 2013.

The notes (Cusip: 38143U5V9) are expected to price and settle in August.

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

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