Goldman Sachs Issues Preferred Securities

TL;DR

GS just dropped new preferred stock - watch the capital structure.

AI Summary

On September 19, 2024, Goldman Sachs Group Inc. filed an 8-K to report the issuance of its 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II. This filing also references other preferred stock and medium-term notes issued by the company and its subsidiaries.

Why It Matters

This filing indicates Goldman Sachs is raising capital through the issuance of preferred securities, which can impact its capital structure and financial leverage.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of security issuance and does not indicate any immediate operational or financial distress.

Key Numbers

• 5.793% — Fixed Rate (Interest rate on the newly issued preferred securities)

Key Players & Entities

• GOLDMAN SACHS GROUP INC (company) — Filer
• Goldman Sachs Capital II (company) — Issuer of securities
• 5.793% (dollar_amount) — Interest rate on issued securities
• 2024-09-19 (date) — Filing date

FAQ

Key Financial Figures

• $25,000 — n-Cumulative Preferred Stock, Series P, $25,000 liquidation preference per share (the "

Filing Documents

• d822590d8k.htm (8-K) — 38KB
• 0001193125-24-221783.txt ( ) — 235KB
• gs-20240919.xsd (EX-101.SCH) — 5KB
• gs-20240919_def.xml (EX-101.DEF) — 16KB
• gs-20240919_lab.xml (EX-101.LAB) — 28KB
• gs-20240919_pre.xml (EX-101.PRE) — 17KB
• d822590d8k_htm.xml (XML) — 15KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 19, 2024 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware No. 001-14965 No. 13-4019460 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 200 West Street , New York , N.Y. 10282 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: ( 212 ) 902-1000 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Exchange on which registered Common stock, par value $.01 per share GS NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item8.01 Other Events. On September 19, 2024, The Goldman Sachs Group, Inc. (the "Company") announced the launch of a proposed public offering (the "Offering") of depositary shares, each representing 1/25 th interest in a share of its new series of Fixed Rate Reset Non-Cumulative Preferred Stock, Series Y (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 5.00 % Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series P, $25,000 liquidation preference per share (the "Series P Preferred Stock"). The pricing of the Offering, and thus whether any possible redemption 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 P Preferred Stock. If the Company decides to redeem the Series P 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 September 19, 2024, which was filed with the Securities and Exchange Commission today. This Current Report on Form 8-K does not constitute an offer to sell the Depositary Shares. Cautionary Note on Forward-Looking Statements This Current Report on Form 8-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 Form 8-K include, without limitation, statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of

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View this 8-K filing on SEC EDGAR