Goldman Sachs has priced US$400 million in unsecured notes, due 2030.
The notes have a 5.650% coupon and are expected to be delivered around 9 September. Goldman has an option to redeem the notes in whole or in part at any time, at par and with a make-whole premium if applicable.
Proceeds from the offering are expected to be used to pay down debt under Goldman’s revolving credit facility and for general corporate purposes.
Fitch Ratings expects to give the notes a BBB- rating, due to a weaker credit performance over recent years. A stable outlook has been assigned, with the agency expecting Goldman to continue its focus on senior debt investments. It also notes Goldman’s stable funding flexibility, consistent core operating performance and sufficient risk management.
“While pressure on asset quality is expected to continue, Fitch believes the portfolio’s senior secured focus will help to mitigate realised losses over time,” it stated.
BofA Securities, HSBC Securities (USA), MUFG Securities Americas, SMBC Nikko Securities America, Truist Securities, Barclays Capital, BNP Paribas Securities, CIBC World Markets, ING Financial Markets, Morgan Stanley & Co, Santander US Capital Markets and Goldman Sachs & Co are joint bookrunners for the offering. ICBC Standard Bank, R. Seelaus & Co, Raymond James & Associates, Wells Fargo Securities and Academy Securities are co-managers.
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