Goldman to redeem all 5.5% series J preferreds in September

Chicago, Aug. 31 – Goldman Sachs Group, Inc. is planning a par redemption of its 5.5% series J fixed-to-floating-rate non-cumulative preferred stock on Sept. 14, according to a company release.

The shares will be redeemed for $25 per depositary share (equivalent to $25,000 per share of series J preferred stock) plus any accrued dividends that have not been paid.

The company is redeeming the shares with its new series W offering.

The series J preferred stock became redeemable at par on May 10.

When the offering priced in 2013, the fixed 5.5% rate converted to a Libor plus 364 basis points floating rate on May 10.

The new series W preferred issue priced with a starting 7.5% fixed rate that will reset for the first time on Feb. 10, 2029.

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.