Goldman Sachs Redeems $1B Preferred Stock Series K
Ticker: GSCE · Form: 8-K · Filed: Apr 12, 2024 · CIK: 886982
| Field | Detail |
|---|---|
| Company | Goldman Sachs Group INC (GSCE) |
| Form Type | 8-K |
| Filed Date | Apr 12, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: preferred-stock, redemption, capital-management
Related Tickers: GS
TL;DR
GS is calling back $1B in preferred stock Series K on April 10th.
AI Summary
Goldman Sachs Group Inc. announced on April 10, 2024, the redemption of all outstanding shares of its 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K. The redemption price is $25,000 per share, totaling approximately $1.0 billion. This action is part of the company's ongoing capital management strategy.
Why It Matters
This redemption indicates Goldman Sachs is actively managing its capital structure, potentially freeing up capital or optimizing its cost of funding.
Risk Assessment
Risk Level: low — The filing is a standard disclosure regarding a planned redemption of preferred stock, which is a routine financial transaction.
Key Numbers
- 6.375% — Preferred Stock Interest Rate (Rate of the redeemed Series K preferred stock.)
- $1.0B — Redemption Amount (Total value of the preferred stock being redeemed.)
- 2024-04-10 — Redemption Date (The date the redemption is effective.)
Key Players & Entities
- GOLDMAN SACHS GROUP INC (company) — Filer
- 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K (security) — Redeemed Security
- 2024-04-10 (date) — Redemption Date
- $1.0 billion (dollar_amount) — Total Redemption Value
FAQ
What is the specific series of preferred stock being redeemed?
The filing specifies the redemption of the 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K.
What is the total approximate value of the redemption?
The total approximate value of the redemption is $1.0 billion.
On what date is the redemption effective?
The redemption is effective as of April 10, 2024.
What is the redemption price per share?
The redemption price is $25,000 per share.
What is the stated interest rate of the redeemed preferred stock?
The stated interest rate is 6.375%.
Filing Stats: 613 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-04-12 09:14:09
Filing Documents
- d814493d8k.htm (8-K) — 38KB
- 0001193125-24-094012.txt ( ) — 237KB
- gs-20240410.xsd (EX-101.SCH) — 5KB
- gs-20240410_def.xml (EX-101.DEF) — 16KB
- gs-20240410_lab.xml (EX-101.LAB) — 28KB
- gs-20240410_pre.xml (EX-101.PRE) — 17KB
- d814493d8k_htm.xml (XML) — 16KB
01 Other Events
Item 8.01 Other Events Effective May 1, 2024, Carey Halio will become Global Treasurer of the Registrant, with transition to such role to begin immediately. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE GOLDMAN SACHS GROUP, INC. (Registrant) Date: April 12, 2024 By: /s/ Kathryn H. Ruemmler Name: Kathryn H. Ruemmler Title: Chief Legal Officer and General Counsel