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Goldman Sachs Group, 5.50% Dep Shares Fixd/Float Non-Cumul Preferred Stock Ser J
Ticker Symbol: GS-J* CUSIP: 38145G308 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/14/2023
Security has been Called for: Thursday, September 14, 2023
August 14, 2023 -- The Goldman Sachs Group, Inc. (NYSE: GS) (the “Company”) today announced that it will redeem all outstanding shares of its 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J (“Series J Preferred Stock”) and the corresponding 40,000,000 depositary shares (“Depositary Shares”) each representing a 1/1000th interest in a share of Series J Preferred Stock, on September 14, 2023 (the “Redemption Date”).
The Depositary Shares will be redeemed for a redemption price equal to $25 per Depositary Share (equivalent to $25,000 per share of Series J Preferred Stock) plus an amount equal to any dividends that have accrued but not been paid for the then-current dividend period to but excluding the Redemption Date attributable to 1/1000th of a share of Series J Preferred Stock (together, the “Redemption Payment”). From and after the Redemption Date, all dividends will cease to accrue on the Series J Preferred Stock.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: The Goldman Sachs Group, Inc. 5.50% Depositary Shares each representing 1/1,000th Interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series J, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 5/10/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.50% per annum ($1.375 per annum or $0.34375 per quarter) will be paid quarterly on 2/10, 5/10, 8/10 & 11/10 to holders of record on the record date that will be the 15th calendar day prior to the payment date or on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 5/10/2023 the non-cumulative distributions will be paid at a floating rate equal to the Three-Month LIBOR plus 3.64%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-6 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Ba2 by Moody’s and BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GS)
IPO - 4/17/2013 - 40.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GSGIL Changed: 4/26/2013
Market Value $ Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 200 West Street, 29th Floor, New York, NY 10282 |
| Main Phone Number |
212-902-1000 |
| Fax Number |
Not Available |
| Investor Relations
Heather Kennedy Miner
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212-902-0300
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| CEO - David M. Solomon |
CFO - Stephen M. Scherr |
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