SAN
JOSE, Calif., May 16, 2022
/PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) announced
today that it has priced its offering of $3.0 billion aggregate principal amount of senior
notes, consisting of $500 million
aggregate principal amount of 3.900% notes due 2027, $1 billion aggregate principal amount of 4.400%
notes due 2032, $1 billion aggregate
principal amount of 5.050% notes due 2052 and $500 million aggregate principal amount of 5.250%
notes due 2062. The offering is expected to close May 23, 2022, subject to customary closing
conditions.
PayPal estimates that the proceeds from the offering will be
approximately $2.99 billion, before
deducting offering expenses. PayPal intends to use a portion of the
proceeds from the offering to fund the purchase for cash of any and
all of the Company's outstanding 2.200% Notes due 2022 and 1.350%
Notes due 2023 pursuant to the tender offer that commenced on
May 16, 2022 and for the payment of
related and unpaid interest, premiums, fees and expenses. PayPal
intends to use the remainder for general corporate purposes, which
may include funding the repayment or redemption of any 2022 Notes
and 2023 Notes that are not validly tendered and accepted for
payment in the tender offer, as well as other outstanding debt,
share repurchases, ongoing operations, capital expenditures and
possible acquisitions of businesses or assets or strategic
investments.
BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley
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 (the "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: BofA Securities, Inc. at NC1-004-03-43 200 North
College Street, 3rd floor Charlotte
NC 28255-0001 Attention: Prospectus Department, e-mail:
dg.prospectus_requests@bofa.com, telephone: 1-800-294-1322; Goldman
Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, New York 10282,
telephone: 1-866-471-2526, facsimile: 212-902-9316, e-mail:
prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014, telephone:
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
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 429 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.
Investor Relations Contacts
Gabrielle Rabinovitch
grabinovitch@paypal.com
Ryan Wallace
ryanwallace@paypal.com
Media Relations Contacts
Josh
Criscoe
jcriscoe@paypal.com
Taylor Watson
taywatson@paypal.com
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SOURCE PayPal Holdings, Inc.