Goldman plans 10-year callable step-up notes with 3% initial rate

By Susanna Moon

Chicago, May 31 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due June 2027, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 3.5% in June 2022, to 4% in June 2025 and to 6% in June 2026. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly call date after one year.

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

The notes will price in June.

The Cusip number is 38150A3L7.

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