PayPal Holdings marketing five tranches of dollar notes

By Cristal Cody

Tupelo, Miss., Sept. 19 – PayPal Holdings Inc. (BBB+/BBB+) is marketing five tranches of dollar-denominated notes in the high-grade primary market on Thursday, according to a 424B2 filing with the Securities and Exchange Commission.

The deal includes one tranche of floating-rate notes and four tranches of fixed-rate notes.

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 are the bookrunners.

PayPal held fixed income investor calls for the offering on Tuesday.

The floating-rate notes are not callable. The fixed-rate notes will have make-whole and par calls.

The notes will have a change-of-control put of 101%.

Proceeds will be used to repay outstanding debt under the company’s existing 364-day credit facility and for general corporate purposes.

PayPal is a San Jose, Calif.-based online payments system operator.

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