Goldman plans eight-year callable step-up notes with 2% initial rate

By Marisa Wong

Madison, Wis., Oct. 17 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due October 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2% for the first three years, stepping up to 3% in October 2017, to 4% in October 2019, to 5.5% in October 2020 and to 8% in October 2021. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly call date beginning in October 2015.

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

The notes will settle in October.

The Cusip number is 38147QL95.

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