Goldman Sachs 2012 Annual Report Download - page 184

Notes to Consolidated Financial Statements
Preferred Equity
The table below presents perpetual preferred stock issued and outstanding as of December 2012.
Series
Shares
Authorized
Shares
Issued
Shares
Outstanding Dividend Rate
Redemption
Value
(in millions)
A 50,000 30,000 29,999 3 month LIBOR + 0.75%,
with floor of 3.75% per annum
$ 750
B 50,000 32,000 32,000 6.20% per annum 800
C 25,000 8,000 8,000 3 month LIBOR + 0.75%,
with floor of 4.00% per annum
200
D 60,000 54,000 53,999 3 month LIBOR + 0.67%,
with floor of 4.00% per annum
1,350
E 17,500 17,500 17,500 3 month LIBOR + 0.77%,
with floor of 4.00% per annum
1,750
F 5,000 5,000 5,000 3 month LIBOR + 0.77%,
with floor of 4.00% per annum
500
I 34,500 34,000 34,000 5.95% per annum 850
242,000 180,500 180,498 $6,200
Each share of non-cumulative Series A Preferred Stock,
Series B Preferred Stock, Series C Preferred Stock and
Series D Preferred Stock issued and outstanding has a par
value of $0.01, has a liquidation preference of $25,000, is
represented by 1,000 depositary shares and is redeemable at
the firm’s option, subject to the approval of the Federal
Reserve Board, at a redemption price equal to $25,000 plus
declared and unpaid dividends. On October 24, 2012,
Group Inc. issued 34,000 shares of non-cumulative Series I
Preferred Stock, par value $0.01 per share. Each share of
Series I Preferred Stock issued and outstanding has a
liquidation preference of $25,000, is represented by 1,000
depositary shares and is redeemable at the firm’s option
beginning November 10, 2017, subject to the approval of
the Federal Reserve Board, at a redemption price equal to
$25,000 plus accrued and unpaid dividends.
In 2007, the Board of Directors of Group Inc. (Board)
authorized 17,500 shares of Series E Preferred Stock, and
5,000 shares of Series F Preferred Stock, in connection with
the APEX Trusts. On June 1, 2012, Group Inc. issued
17,500 shares of Series E Preferred Stock to Goldman Sachs
Capital II pursuant to the stock purchase contracts held by
Goldman Sachs Capital II. On September 4, 2012, Group
Inc. issued 5,000 shares of Series F Preferred Stock to
Goldman Sachs Capital III pursuant to the stock purchase
contracts held by Goldman Sachs Capital III. Each share of
Series E and Series F Preferred Stock issued and outstanding
has a par value of $0.01, has a liquidation preference of
$100,000 and is redeemable at the option of the firm at any
time subject to approval from the Federal Reserve Board
and to certain covenant restrictions governing the firm’s
ability to redeem or purchase the preferred stock without
issuing common stock or other instruments with equity-like
characteristics, at a redemption price equal to $100,000
plus declared and unpaid dividends. See Note 16 for further
information about the APEX Trusts.
All series of preferred stock are pari passu and have a
preference over the firm’s common stock on liquidation.
Dividends on each series of preferred stock, if declared, are
payable quarterly in arrears. The firm’s ability to declare or
pay dividends on, or purchase, redeem or otherwise
acquire, its common stock is subject to certain restrictions
in the event that the firm fails to pay or set aside full
dividends on the preferred stock for the latest completed
dividend period.
182 Goldman Sachs 2012 Annual Report