Summary
Goldman Sachs Group, Inc. (GS) announced on April 16, 2024, its intention to launch a proposed public offering of a new series of preferred stock, Series X. The terms of this offering, including pricing, are subject to market conditions and have not yet been finalized. This offering is significant because the company plans to use the net proceeds, if the offering successfully prices and closes, to redeem all of its outstanding 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K (GS PrK). Investors in the Series K Preferred Stock should note that the redemption is contingent on the successful completion of the Series X preferred stock offering. There is no guarantee that the new offering will price or close, nor that the company will ultimately decide to redeem the Series K Preferred Stock. Further details regarding the offering are available in the company's preliminary prospectus supplement filed on April 16, 2024.
Key Highlights
- 1Goldman Sachs plans a public offering of new preferred stock (Series X).
- 2The offering's proceeds are intended for the redemption of existing Series K Preferred Stock (GS PrK).
- 3The Series K Preferred Stock currently has a fixed rate of 6.375% and trades on the NYSE under symbol GS PrK.
- 4The pricing and closing of the new offering are subject to market conditions and have not yet occurred.
- 5There is no assurance that the offering will be completed or that the Series K Preferred Stock will be redeemed.
- 6The company has filed a preliminary prospectus supplement detailing the proposed offering.