Goldman plans 15-year callable range accrual notes tied to S&P 500

By Jennifer Chiou

New York, Aug. 16 - Goldman Sachs Group, Inc. plans to price callable quarterly range accrual notes due 15 years after issue linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly and is equal to 8.5% for the first year. Thereafter, interest will accrue at 8.5% per year if the closing level of the index is above the trigger level, which is expected to be between 77.5% and 82.5% of the initial level. The exact rate will be set at pricing.

The payout at maturity will be par.

Beginning three months after issuance, the notes will be callable at par on any interest payment date.

Goldman, Sachs & Co. is the underwriter.

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