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

By Angela McDaniels

Tacoma, Wash., Aug. 8 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% in years one through five, 3.5% in years six through 10, 4% in years 11 through 13, 4.5% in year 14 and 5% in year 15. Interest will be payable semiannually.

The payout at maturity will be par.

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

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

The notes will price in August.

The Cusip number is 38148TNJ4.

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