Summary
Goldman Sachs Group, Inc. (GS) has filed an 8-K report detailing the creation and terms of its 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series W. This new series of preferred stock, with a liquidation preference of $25,000 per share, was established through a Certificate of Designations filed on August 16, 2023. The filing also indicates that this issuance imposes certain restrictions on Goldman Sachs' ability to declare or pay dividends on, or repurchase its common stock, in the event that dividends on the Series W Preferred Stock are not paid. This new preferred stock is being offered in connection with a registration statement on Form S-3.
Key Highlights
- 1Goldman Sachs has issued a new series of preferred stock: 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series W.
- 2The Series W Preferred Stock has a liquidation preference of $25,000 per share.
- 3The terms of the Series W Preferred Stock were established via a Certificate of Designations filed with the Secretary of State of Delaware on August 16, 2023.
- 4Failure to pay dividends on the Series W Preferred Stock will trigger restrictions on Goldman Sachs' ability to pay common stock dividends or repurchase common stock.
- 5The issuance is related to an offering of depositary shares representing interests in the Series W Preferred Stock.
- 6The filing includes opinions and consents from legal counsel regarding the issuance.