8-KExhibits & Filings

GOLDMAN SACHS GROUP INC 8-K Report, Exhibit Filing (Nov 29, 2013)

Filed November 29, 2013For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This 8-K filing from The Goldman Sachs Group, Inc. (GS) reports on the issuance of $1,000,000,000 in Floating Rate Notes due 2023. The issuance occurred on November 29, 2013, and was made under the company's existing automatic shelf registration statement on Form S-3. This filing is primarily administrative, confirming the debt issuance and providing relevant supporting documents as exhibits. For investors, this filing signifies a routine financing activity by Goldman Sachs. The issuance of long-term debt is a common practice for financial institutions to manage their balance sheet and fund ongoing operations. The "floating rate" nature of the notes suggests that their interest payments will adjust based on prevailing market rates, which could be a factor in their yield and the company's interest expense over time.

Key Highlights

  • 1Goldman Sachs Group, Inc. issued $1,000,000,000 in Floating Rate Notes.
  • 2The notes have a maturity date in 2023.
  • 3The debt issuance took place on November 29, 2013.
  • 4The offering was conducted under the company's existing automatic shelf registration statement on Form S-3.
  • 5Key exhibits filed include a legal opinion and consent from Sullivan & Cromwell LLP.
  • 6This is a routine debt financing activity for the company.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the issuance of $1,000,000,000 in Floating Rate Notes due 2023 by The Goldman Sachs Group, Inc. on November 29, 2013, and to provide the necessary supporting exhibits related to this debt offering.

Floating Rate Notes (FRNs) are debt securities whose interest payments are not fixed but instead change over time based on a benchmark interest rate (like LIBOR or SOFR, though LIBOR was more common then) plus a spread. This means the coupon payment can increase or decrease, impacting the yield to investors and the issuer's interest expense.

While the filing doesn't detail the specific use of proceeds, financial institutions like Goldman Sachs regularly issue debt to manage their liquidity, fund their operations, support trading activities, and maintain appropriate capital structures. This is a standard financing practice to obtain capital for business purposes.

An automatic shelf registration statement allows eligible well-known seasoned issuers (like Goldman Sachs) to register in advance a continuous offering of securities. This enables them to quickly issue new debt or equity when market conditions are favorable without filing a new registration statement each time, streamlining the financing process.