New Issue: Goldman sells $15.55 million fixed-to-floaters tied to 10-year CMS rate

By Marisa Wong

Morgantown, W.Va., Aug. 7 – Goldman Sachs Group, Inc. priced $15.55 million of fixed-to-floating notes due Aug. 2, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% initially. Beginning on Aug. 2, 2020, the rate will be equal to the 10-year CMS rate. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

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

Issuer:	Goldman Sachs Group, Inc.
Issue:	Fixed-to-floating notes
Amount:	$15.55 million
Maturity:	Aug. 2, 2027
Coupon:	4% initially; beginning Aug. 2, 2020, 10-year CMS rate, subject to 0% floor; payable quarterly
Price:	Par for $13.05 million, 98.8 for $2.5 million
Payout at maturity:	Par
Pricing date:	July 28 for $13.05 million, July 31 for $2.5 million
Settlement date:	Aug. 2
Agents:	Goldman, Sachs & Co. and Incapital LLC
Fees:	1.543% for $13.05 million, 1.2% for $2.5 million
Cusip:	38150A3S2

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