Goldman Sachs plans fixed-to-floaters with 2% initial rate, 2% floor

By Toni Weeks

San Luis Obispo, Calif., Nov. 15 - Goldman Sachs Group, Inc. plans to price fixed-to-floating notes due December 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2% for the first year. After that it will be equal to Libor plus 100 basis points, subject to a minimum interest rate of 2% and a maximum rate of 5.2% to 5.8%, with the exact cap to be set at pricing. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 38147QU61) will settle in December.

Goldman Sachs & Co. will be the agent.

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