Goldman Sachs Announces Pricing Terms of Its Tender Offer For 6.125% Notes Due February 2033

NEW YORK, September 24, 2018  — The Goldman Sachs Group, Inc. (NYSE: GS) (the “Company”) today announced the total consideration payable in connection with its previously announced tender offer (the “Offer”) to purchase for cash any and all of its outstanding 6.125% Notes due February 2033 (the “Fixed Spread Securities”). The Offer is subject to the terms and conditions set forth in the related Offer to Purchase, dated September 18, 2018 (the “Offer to Purchase”) and, to the extent applicable, the related notice of guaranteed delivery. As previously announced, the Company is also tendering for any and all of its 2.625% Notes due January 2019 and 7.50% Notes due February 2019 (together with the Fixed Spread Securities, the “Securities”) at the prices set forth in the Offer to Purchase.

The Offer will expire at 5:00 p.m., New York City time, on September 24, 2018, unless extended (such date and time, as the same may be extended, the “Expiration Time”). Tendered Securities may be withdrawn at any time prior to the Expiration Time. It is expected that payment for Securities accepted for payment, including Securities tendered using the guaranteed delivery procedures, will be made on September 27, 2018 (the “Settlement Date”).

The “Total Consideration” for each $1,000 principal amount of Fixed Spread Securities tendered and accepted for purchase pursuant to the Offer has been determined by reference to the fixed spread specified in the table below over the yield based on the bid-side price of the U.S. Treasury Security specified in the table below.  Holders whose Securities are accepted for purchase pursuant to the Offer will also receive accrued and unpaid interest on their purchased Securities from the last interest payment date for such Securities to, but excluding, the Settlement Date.

Title of Security: 6.125% Subordinated Notes due 2033
CUSIP Number: 38141GCU6
Outstanding Principal Amount: $2,350,000,000
Reference U.S. Treasury Security: 2.875% U.S. Treasury due August 15, 2028
U.S. Treasury Reference Yield: 3.085%
Fixed Spread (basis points): +135 bps
Total Consideration *: $1,178.24

*Per $1,000 principal amount of Fixed Spread Securities validly tendered and accepted for purchase.  

The Offer is conditioned upon the satisfaction of certain conditions described in the Offer to Purchase.

Copies of the Offer to Purchase and Notice of Guaranteed Delivery are available at the following web address:

The Goldman Sachs Group, Inc. has retained Goldman Sachs & Co. LLC to act as the dealer manager (the “Dealer Manager”) for the Offer. Global Bondholder Services Corporation is acting as the Information Agent and Depositary for the Offer. Questions regarding the terms of the Offer should be directed to Goldman Sachs & Co. LLC at (800) 828-3182 (toll-free) or (212) 902-6351 (collect). Requests for documentation and any questions regarding procedures for tendering Securities should be directed to Global Bondholder Services Corporation at (866) 470-3800 (toll-free) or (212) 430-3774 (collect) or by e-mail at

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell the Securities. The Offer is being made solely pursuant to the Offer to Purchase and related documents. The Offer is not being made to holders of the Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of The Goldman Sachs Group, Inc. by the Dealer Manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Dealer Manager
Goldman Sachs & Co. LLC
Liability Management Group
200 West Street
New York, NY 10282
(212) 902-6351
(800) 828-3182

Information Agent and Depositary
Global Bondholder Services Corporation
65 Broadway
Suite 404
New York, NY 10006
(212) 430-3774
(866) 470-3800


The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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Media Contact:
Jake Siewert
Tel: +1 212 902 5400

Investor Contact:
Heather Kennedy Miner
Tel: +1 212 902 0300