By Stephanie N. Rotondo
Seattle, Feb. 16 – Goldman Sachs Group Inc. priced $675 million of 6.3% $25-par series N noncumulative perpetual preferred stock (expected ratings: Ba1/BB+/BBB) on Tuesday, according to a market source.
Price talk is 6.375% to 6.5%, according to a market source.
Goldman Sachs & Co. ran the books. Also participating in the deal were BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, UBS Securities LLC and RBC Capital Markets LLC.
When declared, dividends will be paid on the 10th day of February, May, August and November, beginning May 10. The preferreds become redeemable on or after May 10, 2021 or in whole within 90 days of a regulatory capital treatment event at par plus accrued dividends.
Proceeds will be used for operations and for other general corporate purposes.
Goldman Sachs is a New York-based financial institution.
| Issuer: | Goldman Sachs Group Inc.
|
| Securities: | Series N noncumulative preferred stock
|
| Amount: | $675 million, or 27 million shares
|
| Maturity: | Perpetual
|
| Bookrunner: | Goldman Sachs & Co.
|
| Managers: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, UBS Securities LLC, RBC Capital Markets LLC
|
| Dividend: | 6.3%
|
| Price: | Par of $25.00
|
| Yield: | 6.3%
|
| Talk: | 6.375% to 6.5%
|
| Call options: | On or after May 10, 2021 or within 90 days of a regulatory capital treatment event at par plus accrued dividends
|
| Pricing date: | Feb. 16
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| Settlement date: | Feb. 23
|
| Expected listing: | NYSE: GSPN
|
| Expected ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BB+
|
| Fitch: BBB
|
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