8-KOther Events

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

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

Summary

Goldman Sachs Group, Inc. (GS) announced on November 12, 2019, its intention to launch a proposed public offering of new preferred stock. Specifically, the company plans to offer depositary shares representing an interest in its Series R Fixed-Rate Reset Non-Cumulative Preferred Stock. The pricing and successful closing of this offering are still subject to market conditions and other factors, with no guarantee that it will proceed. If the offering is successfully priced and closed, Goldman Sachs intends to use the net proceeds to redeem a portion of its outstanding Series L 5.70% Fixed-to-Floating Rate Non-Cumulative Preferred Stock. The company will provide further announcements via press release if a decision to redeem the Series L Preferred Stock is made, including the amounts to be redeemed. Investors should note that this announcement does not constitute an offer to sell the new securities.

Key Highlights

  • 1Goldman Sachs announced a proposed public offering of new preferred stock (Series R).
  • 2The offering is for depositary shares, each representing a 1/25th interest in the Series R Preferred Stock.
  • 3Proceeds from the new offering are intended for the redemption of a portion of the Series L 5.70% Preferred Stock.
  • 4The pricing and closing of the new offering are subject to market conditions and are not guaranteed.
  • 5The company has filed a preliminary prospectus supplement detailing the offering.
  • 6There is no assurance that any redemption of Series L Preferred Stock will occur or what the amounts would be.

Frequently Asked Questions

The primary purpose of the proposed public offering of Series R preferred stock is to raise capital that Goldman Sachs intends to use to redeem a portion of its outstanding Series L 5.70% preferred stock.

No, the offering is proposed and its pricing and successful closing are subject to market conditions and other considerations. There is no assurance that the offering will price and close.

The company only intends to redeem a 'portion' of the Series L Preferred Stock, and even this is contingent on the successful completion of the new offering. The exact amount, if any, to be redeemed is not yet determined and will be announced later if the company decides to proceed.

A preliminary prospectus supplement dated November 12, 2019, has been filed with the Securities and Exchange Commission, which provides details about the offering.