Goldman Sachs to price 12-year step-up notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., Oct. 28 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due November 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for years one through five, 4% for years six through eight, 5% for years nine and 10 and 7% for years 11 and 12. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning in November 2016, the notes will be callable at par on any quarterly redemption date.

Goldman Sachs & Co. is the underwriter.

The notes are expected to settle in November.

The Cusip number is 38148TGQ6.

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