Goldman plans 20-year callable step-up notes with 3.25% initial rate

By Susanna Moon

Chicago, Oct. 21 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due November 2036, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.25% for the first eight years, stepping up to 4% in November 2024, to 5% in November 2031, to 5.5% in November 2034 and to 7% in November 2035. 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 November 2017.

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

The notes will price and settle in November.

The Cusip number is 38148TP45.

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