Goldman Sachs Launches Preferred Stock Offering, Targeting Series U Redemption

The Goldman Sachs Group, Inc. launched a public offering for a new series of Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA.

Each depositary share in the offering represents a 1/25th interest in one Series AA share.

The company will price the offering based on prevailing market conditions.

Goldman Sachs intends to use a portion of the net proceeds to redeem all outstanding 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U.

The company has not yet issued a formal notice of redemption for the Series U shares.