SAN JOSE, Calif., Sept. 19, 2019 /PRNewswire/ -- PayPal Holdings,
Inc. (NASDAQ: PYPL) announced today that it has priced its offering
of $5.0 billion aggregate principal
amount of senior notes, consisting of $1.0
billion aggregate principal amount of 2.200% notes due 2022,
$1.25 billion aggregate principal
amount of 2.400% notes due 2024, $1.25
billion aggregate principal amount of 2.650% notes due 2026
and $1.5 billion aggregate principal
amount of 2.850% notes due 2029. The offering is expected to close
September 26, 2019, subject to
customary closing conditions.
PayPal estimates that the net proceeds from the offering will be
approximately $4.97 billion, before
deducting offering expenses. PayPal intends to use a portion of the
net proceeds from the offering to repay outstanding borrowings
under its 364-day term loan credit facility and the remainder for
general corporate purposes, which may include funding the repayment
or redemption of outstanding debt, share repurchases, ongoing
operations, capital expenditures and possible acquisitions of
businesses or assets and strategic investments. As of June 30, 2019, $2.5
billion was outstanding under PayPal's 364-day term loan
credit facility at a weighted average interest rate of 3.47%.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC, BNP Paribas Securities Corp., BofA
Securities, Inc., HSBC Securities (USA) Inc. and MUFG Securities Americas Inc.
are acting as joint book-running managers of the offering.
This offering is being made under an automatic effective shelf
registration statement on Form S-3 filed by PayPal with the
Securities and Exchange Commission (SEC) and only by means of a
prospectus supplement and accompanying prospectus. Before you
invest, you should read the prospectus supplement and accompanying
prospectus, as well as other documents PayPal has filed or will
file with the SEC for more complete information about PayPal and
this offering. These documents may be obtained for free by
searching the SEC online database (EDGAR) on the SEC website at
www.sec.gov. Alternatively, copies of the preliminary prospectus
supplement and accompanying prospectus, and, when available, the
final prospectus supplement for the offering may be obtained by
contacting the joint book-running managers at the following
addresses or telephone numbers:
Goldman Sachs
& Co. LLC
200 West Street
New York, NY 10282
Attn: Prospectus Department
Prospectus-NY@ny.email.gs.com
1-212-902-1171
|
J.P. Morgan
Securities LLC
383 Madison Avenue
New York, New York 10179
Attn: Investment Grade Syndicate Desk, 3rd Floor
Telephone collect at 1-212-834-4533
|
Morgan Stanley
& Co. LLC
180 Varick Street, 2nd Floor
New York, NY 10014
Attn: Prospectus Department
prospectus@morganstanley.com
1-866-718-1649
|
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of the
notes in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About PayPal Holdings, Inc.
PayPal has remained at the
forefront of the digital payment revolution for more than 20 years.
By leveraging technology to make financial services and commerce
more convenient, affordable, and secure, the PayPal platform is
empowering more than 286 million consumers and merchants in more
than 200 markets to join and thrive in the global economy.
Forward-Looking Statements
This press release contains
"forward-looking" statements within the meaning of applicable
securities laws, including statements related to the anticipated
terms of the offering, the anticipated closing of the offering, the
expected use of proceeds of the notes and other statements that are
not historical fact. These forward-looking statements can be
identified by words such as "may," "will," "would," "should,"
"could," "expect," "anticipate," "believe," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "project," "forecast"
and other similar expressions. Forward-looking statements are based
upon various estimates and assumptions, as well as information
known to PayPal as of the date of this press release, and are
inherently subject to numerous risks and uncertainties.
Accordingly, actual results could differ materially from those
predicted or implied by forward-looking statements. For the
reasons discussed above, you should not place undue reliance on the
forward-looking statements in this press release. PayPal assumes no
obligation to update such forward-looking statements, except as
required by law.
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SOURCE PayPal Holdings, Inc.