Goldman Sachs 2013 Annual Report Download - page 190

Notes to Consolidated Financial Statements
Preferred Equity
The table below presents perpetual preferred stock issued and outstanding as of December 2013.
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
J 46,000 40,000 40,000 5.50% per annum to,
but excluding, May 10, 2023;
3 month LIBOR + 3.64%
per annum thereafter
1,000
Total 288,000 220,500 220,498 $7,200
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 at a redemption price equal to $25,000
plus declared and unpaid dividends.
Each share of non-cumulative 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
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 replacement capital covenants
applicable to the Series E and Series F Preferred Stock.
Each share of non-cumulative Series I 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
beginning November 10, 2017 at a redemption price equal
to $25,000 plus accrued and unpaid dividends.
On April 25, 2013, Group Inc. issued 40,000 shares of
perpetual 5.50% Fixed-to-Floating Rate Non-Cumulative
Preferred Stock, Series J, par value $0.01 per share (Series J
Preferred Stock), out of a total of 46,000 shares of Series J
Preferred Stock authorized for issuance. Each share of
Series J 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 May 10, 2023 at a redemption price equal to
$25,000 plus accrued and unpaid dividends.
Any redemption of preferred stock by the firm requires the
approval of the Federal Reserve Board. 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.
188 Goldman Sachs 2013 Annual Report