8-KOther Events

GOLDMAN SACHS GROUP INC 8-K Report, Corporate Update (Jun 12, 2019)

Filed June 12, 2019For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. (GS) announced on June 12, 2019, its intention to launch a public offering of new Series Q Fixed-Rate Reset Non-Cumulative Preferred Stock. The primary purpose of this offering is to raise capital to redeem its outstanding Series B 6.20% Non-Cumulative Preferred Stock. If the offering proceeds and there are any remaining funds, Goldman Sachs also intends to redeem a portion of its Series L 5.70% Fixed-to-Floating Rate Non-Cumulative Preferred Stock. Investors should note that the success and terms of this offering, including pricing and the actual redemption of existing preferred stock, are contingent upon market conditions and final pricing. The company has filed a preliminary prospectus supplement with the SEC detailing the offering. This announcement does not constitute an offer to sell the depositary shares.

Key Highlights

  • 1Goldman Sachs is proposing a public offering of new Series Q Non-Cumulative Preferred Stock.
  • 2The primary use of proceeds is to redeem the outstanding Series B 6.20% Non-Cumulative Preferred Stock.
  • 3A portion of Series L 5.70% Non-Cumulative Preferred Stock may also be redeemed with any remaining proceeds.
  • 4The offering's pricing and completion are subject to market conditions and other considerations.
  • 5There is no guarantee that the offering will price, close, or that the redemptions will occur as planned.
  • 6A preliminary prospectus supplement detailing the offering has been filed with the SEC.

Frequently Asked Questions

The main purpose of the proposed public offering of Series Q Preferred Stock is to raise capital to redeem the company's outstanding Series B 6.20% Non-Cumulative Preferred Stock. Any remaining proceeds may be used to redeem a portion of the Series L 5.70% Non-Cumulative Preferred Stock.

No, the redemptions are not guaranteed. The pricing and closing of the new offering are subject to market conditions and other factors. Therefore, there is no assurance that the offering will price and close, or that the company will decide to proceed with the redemption of the Series B or Series L preferred stock.

The Series B 6.20% Non-Cumulative Preferred Stock, which is currently slated for redemption, is traded on the New York Stock Exchange under the symbol GS PrB.

More details about the offering can be found in the company's preliminary prospectus supplement, which was filed with the Securities and Exchange Commission on June 12, 2019.