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PayPal Holdings issues senior notes

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PayPal Holdings issues senior notes

PayPal Holdings Inc. issued and sold $5 billion in aggregate principal amount of senior notes.

The offering consisted of $1.0 billion of 2.200% notes due 2022, $1.25 billion of 2.400% notes due 2024, $1.25 billion of 2.650% notes due 2026 and $1.5 billion of 2.850% notes due 2029.

The 2022 notes will mature Sept. 26, 2022; the 2024 notes will mature Oct. 1, 2024; the 2026 notes will mature Oct. 1, 2026; and the 2029 notes will mature Oct. 1, 2029, unless earlier redeemed or repurchased. Interest on the 2022 notes is payable on March 26 and Sept. 26 of each year, beginning March 26, 2020. Interest on the 2024 notes, the 2026 notes and the 2029 notes is payable on April 1 and Oct. 1 of each year, beginning April 1, 2020.

PayPal Holdings may redeem the notes for cash in whole or in part, from time to time, prior to maturity, at redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemption of the 2024 notes on or after Sept. 1, 2024, for redemption of the 2026 notes on or after Aug. 1, 2026, or for redemption of the 2029 notes on or after July 1, 2029.

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 the joint book-running managers of the offering.