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Goldman Sachs plans seven-year fixed-to-floaters with 2% initial rate
By Toni Weeks
San Luis Obispo, Calif., May 2 - Goldman Sachs Group, Inc. plans to price fixed-to-floating notes due May 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% until November 2014. After that, it will be equal to Libor plus 100 basis points, subject to a minimum rate of 2%. Beginning in May 2016, the interest rate will be capped at a maximum rate of 6%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 38141GTF1) are expected to settle in May.
Goldman Sachs & Co. will be the underwriter.
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