Goldman Sachs to price fixed-to-floating notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., Aug. 15 – Goldman Sachs Group, Inc. plans to price fixed-to-floating-rate notes due August 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first year. After that, the interest rate will be Libor plus 140 basis points, subject to a minimum rate of 1.4% per year and a maximum rate of 5% per year. Interest will be payable quarterly.

The payout at maturity will be par.

Goldman Sachs & Co. is the underwriter.

The notes are expected to price and settle in August.

The Cusip number is 38147QEY8.

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