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Goldman Sachs plans 10-year fixed-to-floaters with 5.1% initial rate
By Toni Weeks
San Diego, May 26 - Goldman Sachs Group, Inc. plans to price fixed-to-floating rate notes due June 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 5.1% for the first two years. For years three and four, the rate will be Libor plus 135 basis points with no cap. Beginning June 2015 and until the maturity date, the rate will be Libor plus 135 bps, capped at 7%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 38143UVG3) will settle in June.
Goldman Sachs & Co. is the underwriter.
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