0001193125-26-226653
SEC filingPayPal Holdings, Inc. issued and sold $2.0 billion aggregate principal amount of senior notes consisting of three tranches maturing in 2028, 2031, and 2036.
PayPal Holdings, Inc. raised $2.0 billion through three series of senior unsecured notes under its existing shelf registration, providing long-term capital with maturities extending to 2036. The tranches offer fixed rates of 4.550% for the $650 million 2028 Notes, 4.950% for the $850 million 2031 Notes, and 5.550% for the $500 million 2036 Notes, with semi-annual interest payments commencing December 1, 2026. Redemption flexibility includes make-whole premiums prior to specified dates, after which no premium applies, balancing issuer optionality with investor protection. Covenants restrict liens, sale-leasebacks, and major corporate transactions subject to exceptions, alongside standard defaults. A change of control coupled with rating downgrades below investment grade mandates a 101% repurchase offer. The notes' pari passu status with other senior unsecured debt and subordination to subsidiary liabilities reflect typical financing structure for corporate issuers.