Goldman Sachs to price callable step-up notes with 2% initial rate

By Toni Weeks

San Luis Obispo, Calif., May 7 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due May 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 2% for the first five years, stepping up to 3.5% in May 2018, to 4.5% in May 2019, to 5% in May 2020, to 6.25% in May 2021 and to 7.5% in May 2022. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par in February, May, August and November beginning in November 2013.

The notes (Cusip: 38141GTR5) are expected to settle in May.

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

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