By Susanna Moon
Chicago, Oct. 28 – Goldman Sachs Group, Inc. priced $6.61 million of fixed-to-floating notes due Oct. 2, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first two years. After that, it will accrue at Libor plus 110 basis points, up a maximum interest rate of 4% for the first 12 floating-rate interest payment dates, 5% for the next eight interest payment dates, 6% for the next eight interest payment dates and 7% for the final four interest payment dates.
Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
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| Issue: | Fixed-to-floating notes
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| Amount: | $6.61 million
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| Maturity: | Oct. 2, 2024
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| Coupon: | 3% initially; beginning Oct. 28, 2016, Libor plus 110 bps, capped at 4% for first 12 floating-rate interest payment dates, 5% for next eight interest payment dates, 6% for next eight interest payment dates and 7% for final four interest payment dates; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 28
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 1.45%
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| Cusip: | 38147QLD6
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