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

By Susanna Moon

Chicago, Aug. 17 – Goldman Sachs Group, Inc. plans to price callable step-up fixed-rate notes due August 2025, 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 August 2022, to 4% in August 2023 and to 4.5% in August 2024. 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 and settle in August.

The Cusip number is 38150A4C6.

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