New Issue: Goldman Sachs sells C$750 million 3.307% fixed-to-floating notes due 2025 at par

By Cristal Cody

Tupelo, Miss., Oct. 27 – Goldman Sachs Group Inc. (A3/BBB+/DBRS: A) priced C$750 million of 3.307% fixed-to-floating rate notes due Oct. 31, 2025 at par on Wednesday, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will have a fixed rate to but excluding Oct. 31, 2024. From Oct. 31, 2024 to but excluding Oct. 31, 2025, the notes will have a floating rate of CDOR plus 114 basis points.

From Jan. 31, 2025 until Oct. 31, 2025, the rate will be reset quarterly on Jan. 31, April 30, July 31 and Oct. 31.

Goldman Sachs & Co. was the bookrunner.

Goldman Sachs Group is a New York-based banking, securities and investment management company.

Issuer:	Goldman Sachs Group Inc.
Amount:	C$750 million
Description:	Fixed-to-floating rate notes
Maturity:	Oct. 31, 2025
Bookrunner:	Goldman Sachs & Co.
Co-managers:	BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc.
Coupon:	3.307%; converts to floating rate at CDOR plus 114 bps from Oct. 31, 2024 to but excluding Oct. 31, 2025; rate reset quarterly beginning Jan. 31, 2025 until Oct. 31, 2025 on Jan. 31, April 30, July 31 and Oct. 31
Price:	Par
Yield:	3.307%
Call features:	Make-whole call on or after April 30, 2018 to but excluding Oct. 31, 2024 at greater of par or Government of Canada bond yield plus 35.5 bps; on Oct. 31, 2024 at par
Trade date:	Oct. 25
Settlement date:	Oct. 31
Ratings:	Moody’s: A3
	S&P: BBB+
	DBRS: A
Distribution:	Canada, SEC registered

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