Goldman Sachs plans fixed-to-floating notes with 3% initial rate

By Marisa Wong

Madison, Wis., Sept. 25 – Goldman Sachs Group, Inc. plans to price fixed-to-floating notes due October 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first two years. After that, the interest rate will be Libor plus 105 basis points, subject to a minimum rate of 0% per year and a maximum rate of 4% for the first 12 floating-interest payment dates, 5% for the next eight floating-rate interest payment dates, 6% for the next eight interest payment dates and 7% for the final four interest payment dates. Interest will be payable quarterly.

The payout at maturity will be par.

Goldman Sachs & Co. is the underwriter.

The note are expected to price in September and settle in October.

The Cusip number is 38147QJ80.

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