Summary
Goldman Sachs Group, Inc. (GS) filed an 8-K report on May 21, 2021, to announce significant amendments to its corporate charter concerning its preferred stock. The primary focus of this filing is the elimination of the Company's 6.30% Non-Cumulative Preferred Stock, Series N, from its Restated Certificate of Incorporation. This action follows the redemption of all outstanding shares of the Series N Preferred Stock on May 19, 2021. Concurrently, Goldman Sachs filed an updated Restated Certificate of Incorporation that includes the terms of its newly established 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series T, alongside the removal of the Series N Preferred Stock. For investors, this filing signals a restructuring of the company's preferred equity. The redemption of the Series N Preferred Stock and the introduction of the Series T Preferred Stock indicate a strategic shift in how Goldman Sachs manages its capital structure and preferred share offerings. Investors holding or considering the Series N Preferred Stock will note its complete removal, while those interested in newer preferred issuances should review the terms of the Series T Preferred Stock.
Key Highlights
- 1Goldman Sachs eliminated its 6.30% Non-Cumulative Preferred Stock, Series N, from its Restated Certificate of Incorporation.
- 2All outstanding shares of the Series N Preferred Stock were redeemed on May 19, 2021.
- 3The company filed a Certificate of Elimination with the Delaware Secretary of State for the Series N Preferred Stock.
- 4A new Restated Certificate of Incorporation was filed, effective May 21, 2021.
- 5The updated Restated Certificate of Incorporation includes the terms for the 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series T.
- 6This filing signifies a change in the company's preferred stock structure and capital management.