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

By Toni Weeks

San Luis Obispo, Calif., June 2 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due June 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% in the first three years, 3% in year four and 4.5% in year five. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning in December 2015, the notes will be callable at par on any quarterly redemption date.

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

The notes are expected to price and settle in June.

The Cusip number is 38148T4S5.

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