Goldman Sachs Group Prepares $1 Bln Note Sale for Next Week
Bloomberg News
May 5, 1999, 7:31 a.m. PT
Goldman Sachs Group Prepares $1 Bln Note Sale for Next Week
New York, May 5 (Bloomberg) -- Goldman Sachs Group Inc. is preparing to sell $1 billion of 10-year notes as soon as next week, about a week after the securities firm's initial public stock sale, said people familiar with the company's plans.
The 130-year old partnership, the largest on Wall Street, shifted to stockholder ownership when it sold 69 million shares to raise $3.66 billion. The shares, which represented a 14.8 percent stake in the company, jumped 33 percent in the first day's trading, giving Goldman the third largest market value among U.S. securities firms.
The note sale will be arranged by Goldman, Sachs & Co.
Goldman filed with the Securities and Exchange Commission in March to sell $1 billion of bonds and as much as $15 billion of medium-term notes. Last month, the firm filed to sell as much as 1 billion euros (US$937 million) of 10-year notes.
It cited no plans for proceeds of the note sales, except the ongoing funding of its business.
Goldman's notes are rated ''A1'' by Moody's Investors Service and ''A '' by Standard & Poor's Corp.
news.com |
