Goldman Sachs to price 15-year step-up notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., June 7 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due June 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% in years one through five, 4% in years six through nine, 4.25% in years 10 through 12, 5% in years 13 and 14 and 6.5% in year 15. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning in June 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 June.

The Cusip number is 38148TN47.

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