Item 8.01 Other Events.
On April 19, 2021, The Goldman Sachs Group, Inc. (the "Company") announced the
launch of a proposed public offering (the "Offering") of depositary shares, each
representing 1/25th interest in a share of its new series of Fixed Rate Reset
Non-Cumulative Preferred Stock, Series T (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 6.30% Non-Cumulative
Preferred Stock, Series N, $25,000 liquidation preference per share (the "Series
N Preferred Stock"). The depositary shares, each representing 1/1000th interest
in a share of Series N Preferred Stock, are currently traded on the New York
Stock Exchange under the symbol GS PrN.
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 N Preferred Stock. If
the Company decides to redeem the Series N 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 April 19, 2021, 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 the Series N Preferred Stock. It
is possible that the firm's actual results may differ, possibly materially, from
the anticipated results indicated in these forward-looking statements. For a
discussion of some of the risks and important factors that could affect the
firm's future results and financial condition, see "Risk Factors" in Part I,
Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31,
2020.
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