New Issue: Goldman prices $14 million callable step-up notes with 3.75% start rate

By Marisa Wong

Morgantown, W.Va., May 27 – Goldman Sachs Group, Inc. priced $14 million of callable step-up fixed rate notes due May 31, 2036, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.75% for the first eight years, stepping up to 4% on May 31, 2024, to 4.25% on May 31, 2029, to 4.5% on May 31, 2031, to 5% on May 31, 2033, to 6% on May 31, 2034 and to 7.5% on May 31, 2035. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par on any quarterly redemption date after one year.

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

Issuer:	Goldman Sachs Group, Inc.
Issue:	Callable step-up fixed-rate notes
Amount:	$14 million
Maturity:	May 31, 2036
Coupon:	3.75% for the first eight years, stepping up to 4% on May 31, 2024, to 4.25% on May 31, 2029, to 4.5% on May 31, 2031, to 5% on May 31, 2033, to 6% on May 31, 2034 and to 7.5% on May 31, 2035; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any quarterly redemption date after one year
Pricing date:	May 24 for $11 million, May 26 for $3 million
Settlement date:	May 31
Agents:	Goldman Sachs & Co. and Incapital LLC
Fees:	3.1% for $11 million, 2.93% for $3 million
Cusip:	38148TMW6

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