Goldman offers series X fixed-rate reset non-cumulative preferreds

Chicago, April 16 – Goldman Sachs Group, Inc. is offering $1,000-par series X fixed-rate reset non-cumulative preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

The initial fixed dividend rate will reset for the first time on May 10, 2029 to the five-year Treasury rate plus a margin.

The perpetual shares are redeemable starting on the reset date on any semiannual dividend payment date.

Goldman Sachs & Co. LLC is the lead underwriter.

HSBC Bank USA, NA is depositary, transfer agent and registrar.

Richards, Layton & Finger, PA will act as counsel for the issuer. Sullivan & Cromwell LLP will be counsel to the underwriters.

Proceeds will be used to redeem all outstanding series K preferred stock with any remainder allocated to provide additional funds for operations or other general corporate purposes.

The preferreds will not be listed on any exchange.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.