Preferred Stock

Description and Prospectus Links

• Preferred (Series A): On April 25, 2005, the firm issued 30,000 shares of perpetual Floating Rate non-Cumulative Preferred Stock, Series A (Series A Preferred Stock), par value $0.01, out of a total 50,000 shares of Series A Preferred Stock authorized for issuance. Each share of Series A Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depository shares. The Series A Preferred Stock is redeemable at the firm's option starting on April 25, 2010 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series A preferred Stock is $750 million. The Series A Preferred Stock has preference over the firm's common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.
• Preferred (Series B): On October 31, 2005, the firm issued 32,000 shares of perpetual Fixed Rate non-Cumulative Preferred Stock, Series B (Series B Preferred Stock), par value $0.01, out of a total 50,000 shares of Series B Preferred Stock authorized for issuance. Each share of Series B Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depository shares. The Series B Preferred Stock is redeemable at the firm's option starting on October 31, 2010 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series B preferred Stock is $800 million. The Series B Preferred Stock has preference over the firm's common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.
• Preferred (Series C): On October 31, 2005, the firm issued 8,000 shares of perpetual Floating Rate non-Cumulative Preferred Stock, Series C (Series C Preferred Stock), par value $0.01, out of a total 25,000 shares of Series C Preferred Stock authorized for issuance. Each share of Series C Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depository shares. The Series C Preferred Stock is redeemable at the firm's option starting on October 31, 2010 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series C preferred Stock is $200 million. The Series C Preferred Stock has preference over the firm's common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.
• Preferred (Series D): On May 24, 2006 and July 24, 2006, the firm issued 34,000 and 20,000 shares, respectively, of perpetual Floating Rate non-Cumulative Preferred Stock, Series D (Series D Preferred Stock), par value $0.01, out of a total 60,000 shares of Series D Preferred Stock authorized for issuance. Each share of Series D Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depository shares. The Series D Preferred Stock is redeemable at the firm's option starting on May 24, 2011 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series D preferred Stock is $1.35 billion. The Series D Preferred Stock has preference over the firm's common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.
• Trust Preferred: In February 2004, Goldman Sachs Capital I (the Trust), a wholly owned Delaware statutory trust, was formed by the firm for the exclusive purposes of (i) issuing $2.75bn of guaranteed preferred beneficial interests and $85 million of common beneficial interests in the Trust, (ii) investing the proceeds from the sale to purchase junior subordinated debentures from The Goldman Sachs Group, Inc. and (iii) engaging in only those other activities necessary or incidental to these purposes. The preferred beneficial interests were purchased by third parties, and the firm holds all of the common beneficial interests.
• Fixed-to-Floating Rate Normal APEX: In May 2007, Goldman Sachs Capital II, a wholly owned Delaware statutory trust was formed by the firm for the exclusive purposes of (i) issuing $1.75 billion of guaranteed perpetual Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to the firm, (ii) investing the proceeds from the sale to purchase junior subordinated notes and stock purchase contracts from the firm and (iii) engaging in only those other activities necessary or incidental to these purposes. The Fixed-to-Floating Rate Normal APEX were purchased by third parties, and the firm holds all of the common securities. Under the stock purchase contracts, the firm will issue on or before June 1, 2013, one share of Series E preferred stock to Goldman Sachs Capital II for each $100,000 principal amount of subordinated notes held by the trust. Goldman Sachs Capital II is required to remarket the junior subordinated debt in order to fund its purchase of the Series E preferred stock, but in the event that remarketing is unsuccessful, it will relinquish the subordinated debt to the firm in exchange for the Series E preferred stock.
• Floating Rate Normal APEX: In May 2007, Goldman Sachs Capital III, a wholly owned Delaware statutory trust was formed by the firm for the exclusive purposes of (i) issuing $500 million of guaranteed perpetual Floating Rate Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to the firm, (ii) investing the proceeds from the sale to purchase junior subordinated notes and stock purchase contracts from the firm and (iii) engaging in only those other activities necessary or incidental to these purposes. The Floating Rate Normal APEX were purchased by third parties, and the firm holds all of the common securities. Under the stock purchase contracts, the firm will issue on or before September 1, 2013, one share of Series F preferred stock to Goldman Sachs Capital III for each $100,000 principal amount of subordinated notes held by the trust. Goldman Sachs Capital III is required to remarket the junior subordinated debt in order to fund their purchase of the Series F preferred stock, but in the event that remarketing is unsuccessful, they will relinquish the subordinated debt to the firm in exchange for the Series F preferred stock.