Goldman plans 15-year callable step-up notes with 3% initial rate

By Marisa Wong

Morgantown, W.Va., Aug. 29 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due September 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3% for the first five years, stepping up to 3.25% in September 2021, to 3.5% in September 2026, to 3.75% in September 2028, to 4% in September 2029 and to 5% in September 2030. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable in whole but not in part at par quarterly beginning in September 2017.

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

The notes will price and settle in September.

The Cusip number is 38148TNQ8.

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