Goldman Sachs to price callable step-up notes with 3.5% initial rate

By Marisa Wong

Madison, Wis., May 28 - Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due June 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 3.5% for the first eight years, stepping up to 3.75% in June 2021, to 4.25% in June 2024, to 6.75% in June 2026 and to 7.75% in June 2027. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par quarterly beginning in December 2013.

The notes (Cusip: 38141GUL6) are expected to settle in June.

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

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