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Goldman Sachs plans 15-year range accrual notes tied to S&P 500, Libor
By Toni Weeks
San Diego, Aug. 2 - Goldman Sachs Group, Inc. plans to price 15-year callable quarterly range accrual notes linked to the S&P 500 index and the Libor rate, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 8% for the first year. After that, interest will accrue at 8% per year multiplied by the proportion of days on which the index closes above the trigger level of 70% to 75% of the initial level and Libor is 6.5% or less. Interest is payable quarterly.
The exact terms will be set at pricing.
The payout at maturity will be par.
After one year, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
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