Goldman Sachs Announces Final Results of its Tender Offer for Subordinated Notes
NEW YORK, June 7, 2017 — The Goldman Sachs Group, Inc. (NYSE: GS) (the “Company”) today announced the final results as of 11:59 p.m., New York City time, on June 6, 2017 (such date and time, the “Expiration Time”) of its previously announced tender offer (the “Offer”) to purchase for cash up to $1,000,000,000 aggregate principal amount of its outstanding 6.450% Subordinated Notes due 2036 (the “2036 Notes”) and 5.950% Subordinated Notes due 2027 (the “2027 Notes” and, together with the 2036 Notes, the “Notes”). Approximately $1,217 million in combined aggregate principal amount of Notes was validly tendered and not validly withdrawn prior to the Expiration Time. The Company has accepted for purchase all 2036 Notes validly tendered and not validly withdrawn and approximately 47.02% of all 2027 Notes validly tendered and not validly withdrawn. The complete terms of the Offer are set forth in the related Offer to Purchase, dated May 9, 2017 (the “Offer to Purchase”), as modified by the Company’s May 23, 2017 press releases regarding the Offer.
It is expected that payment for Notes accepted for payment will be made tomorrow, June 8, 2017 (the “Settlement Date”). Holders of Notes who have validly tendered and not validly withdrawn their Notes prior to 5:00 p.m., New York City time, on May 22, 2017, the early tender deadline for the Offer (the “Early Tender Deadline”) and whose Notes have been accepted for purchase will receive the applicable Total Consideration, as described in the Offer to Purchase and set forth below. Holders of Notes who validly tendered their Notes after the Early Tender Deadline and on or before the Expiration Time and whose Notes have been accepted for purchase will receive the applicable Tender Consideration set forth below. Holders whose Notes have been accepted for purchase pursuant to the Offer will also receive accrued and unpaid interest on their purchased Notes from the last interest payment date for such Notes to, but excluding, the Settlement Date.
The table below sets forth the aggregate principal amount of 2036 Notes and 2027 Notes that was validly tendered and not validly withdrawn on or prior to the Expiration Time, as well as the applicable Total Consideration, Tender Consideration and proration factor (if any).
Title of Security: 6.450% Subordinated Notes due 2036
CUSIP Number: 38143YAC7
Principal Amount Outstanding: $1,500,000,000
Principal Amount Tendered: $808,197,000
Principal Amount Accepted: $808,197,000
Total Consideration (1)(2)(3): $1,264.29
Tender Consideration(1)(3): $1,214.29
Proration Factor: N/A
Title of Security: 5.950% Subordinated Notes due 2027
CUSIP Number: 38141GES9
Principal Amount Outstanding: $1,000,000,000
Principal Amount Tendered: $408,649,000
Principal Amount Accepted: $191,797,000
Total Consideration (1)(2)(3): $1,187.27
Tender Consideration(1)(3) :$1,137.27
Proration Factor: 47.02%
(1) Per $1,000 principal amount of Notes validly tendered and accepted for purchase.
(2) The Total Consideration includes the Early Tender Premium of $50 per $1,000 principal amount of Notes.
(3) Does not include accrued interest, which will be paid on Notes accepted for purchase.
Notes tendered pursuant to the Offer and not purchased due to proration will be returned promptly to the tendering holders.
Goldman Sachs & Co. LLC acted as the dealer manager and Global Bondholder Services Corporation acted as the Information Agent and Depositary for the Offer. For additional information regarding the expiration of the Offer or the Settlement Date, please contact Goldman Sachs & Co. LLC at (800) 828-3182 (toll-free) or (212) 357-1039 (collect) or Global Bondholder Services Corporation at (866) 470-3800 (toll-free) or (212) 430-3774 (collect) or by e-mail at email@example.com.
This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell the Notes. The Offer was made solely pursuant to the Offer to Purchase and related documents.
Goldman Sachs & Co. LLC
Liability Management Group
200 West Street
New York, NY 10282
Information Agent and Depositary
Global Bondholder Services Corporation
New York, NY 10006
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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Tel: +1 212 902 5400
Dane E. Holmes
Tel: +1 212 902 0300