Goldman plans 10-year callable range accrual notes tied to S&P 500

By Jennifer Chiou

New York, Sept. 2 - Goldman Sachs Group, Inc. plans to price 10-year callable quarterly range accrual notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest, if any, is payable quarterly and is equal to 7% for the first year. After that, interest will accrue at 7% per year if the closing level of the index on the observation date is above 80% of the initial level.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning in September 2011.

The exact terms for the notes (Cusip 38143UM57) will be set at pricing.

Goldman, Sachs & Co. is the underwriter.

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