Goldman Sachs prices tender offer for 6.345% capital securities

By Angela McDaniels

Tacoma, Wash., June 11 – Goldman Sachs Group, Inc. determined that it will pay $1,118.63 for each $1,000 liquidation amount of 6.345% capital securities issued by Goldman Sachs Capital I, according to a company news release.

A tender offer for the outstanding $2.75 billion liquidation amount of capital securities began May 29 and was scheduled to expire at 5 p.m. ET on June 11.

The payment amount is intended to result in a yield to maturity equal to the sum of the yield to maturity of the 3.625% Treasury bond due Feb. 15, 2044 as of 2 p.m. ET on June 11 and a fixed spread of 190 basis points. The reference yield is 3.461%.

Holders will also receive accrued distributions up to but excluding the settlement date.

Goldman Sachs & Co. (800 828-3182 or 212 902-5183) is the dealer manager. Global Bondholder Services Corp. (866 470-3800 or 212 430-3774) is the depositary and information agent.

The investment banking, securities and investment management firm is based in New York.

© 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.