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PayPal signs $3B term loan credit facility

PayPal Holdings Inc. signed a $3 billion term loan credit facility.

The credit agreement was made with JPMorgan Chase Bank NA as administrative agent. JPMorgan Chase Bank NA, Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are joint lead arrangers and joint book managers.

Loans under the facility will bear interest at LIBOR plus a margin of 1.00% to 1.25% or at a formula based on the administrative agent's prime rate, the New York Federal Reserve Bank's rate, or LIBOR plus a margin of zero percent to 0.25%.

No borrowings had been made against the facility as of Dec. 5.