On June 12, 2019, The Goldman Sachs Group, Inc. (the “Company”) announced the launch of a proposed public offering (the “Offering”) of depositary shares, each representing 1/25th interest in a share of its new series of Fixed-Rate ResetNon-Cumulative Preferred Stock, Series Q (the “Depositary Shares”). The Offering is subject to pricing, which has not yet occurred. If the Offering is priced and proceeds to closing, the Company intends to use the net proceeds from the sale of the Depositary Shares to redeem all of its outstanding 6.20%Non-Cumulative Preferred Stock, Series B, $25,000 liquidation preference per share (the “Series B Preferred Stock”). The depositary shares, each representing 1/1000th interest in a share of Series B Preferred Stock, are currently traded on the New York Stock Exchange under the symbol GS PrB. The Company also intends to use any remaining proceeds to redeem a portion of its 5.70%Fixed-to-Floating RateNon-Cumulative Preferred Stock, Series L, $25,000 liquidation preference per share (the “Series L Preferred Stock”).
The pricing of the Offering, and thus whether any possible redemptions of outstanding preferred stock will occur, is subject to market conditions and other considerations. There is no assurance that the Offering will price and close or that the Company will decide to redeem the Series B Preferred Stock or a portion of the Series L Preferred Stock or, if it does, the amounts to be redeemed. If the Company decides to redeem the Series B Preferred Stock or a portion of the Series L Preferred Stock, it intends to announce its decision by press release and an appropriate notice of redemption.
The Offering is described in the Company’s preliminary prospectus supplement dated June 12, 2019, which was filed with the Securities and Exchange Commission today.
This Current Report on Form8-K does not constitute an offer to sell the Depositary Shares.
Cautionary Note on Forward-Looking Statements
This Current Report on Form8-K contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, certain of which, by their nature, are inherently uncertain and outside the firm’s control. Forward-looking statements in this Current Report on Form8-K include, without limitation, statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of the Series B Preferred Stock and the Series L Preferred Stock. It is possible that the firm’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form10-K for the year ended December 31, 2018.
