Goldman Sachs to price 20-year step-up notes with 4% initial rate

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due November 2035, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 4% in years one through 10, 4.5% in years 11 through 14, 5% in years 15 through 17, 5.5% in year 18, 6% in year 19 and 8% in year 20. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning in November 2017, the notes will be callable at par on any quarterly redemption date.

Goldman Sachs & Co. is the underwriter.

The notes will price and settle in November.

The Cusip number is 38148TH85.

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