PAYCHEX INC (PAYX): debt financing — Paychex extends $1B revolver maturity to 2029; amends $750M facility

PAYCHEX INC

Maturity of $1.0B unsecured revolver extended from July 2024 to April 12, 2029.
Interest rate provisions amended; three lenders depart, new lenders join syndicate.
Twenty subsidiaries released from guaranty obligations under the credit agreements.
$750M revolver also amended for interest rate and ministerial changes.
Other terms substantially similar; covenants unchanged.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PAYCHEX INC amended revolving credit of $1.0 billion with JPMorgan Chase Bank, N.A. as Administrative Agent maturing April 12, 2029.

Instrument: revolving credit
Principal: $1.0 billion
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Maturity: April 12, 2029
Event: amendment

Exact text from the filing

a Delaware limited liability company (“PoNY”) and Paychex, Inc., a Delaware corporation (the “Parent”), entered into an amendment (the “2019 Credit Facility Amendment”) to the $1.0 billion, five-year, unsecured, revolving credit facility established on July 31, 2019 (the “2019 Credit Facility”), and last amended on September 17, 2021, in favor of PoNY as borrower

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PAYCHEX INC amended revolving credit of $750.0 million with JPMorgan Chase Bank, N.A. as Administrative Agent.

Instrument: revolving credit
Principal: $750.0 million
Counterparty: JPMorgan Chase Bank, N.A. as Administrative Agent
Event: amendment

Exact text from the filing

to the 2019 Credit Facility. Amendment to 2017 Credit Facility On April 12, 2024, PoNY and the Parent entered into an amendment (the “2017 Credit Facility Amendment”) to the $750.0 million, five-year, unsecured, revolving credit facility established on August 17, 2017 (the “2017 Credit Facility”), and last amended on September 17, 2021, in favor of PoNY as borrower

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PAYCHEX INC amended 2017 Credit Facility Amendment with a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent valued at $750.0 million (effective 2024-04-12).

Action: amendment
Agreement: credit facility
Counterparty: a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent
Value: $750.0 million
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, PoNY and the Parent entered into an amendment (the “2017 Credit Facility Amendment”) to the $750.0 million, five-year, unsecured, revolving credit facility established on August 17, 2017 (the “2017 Credit Facility”)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PAYCHEX INC amended 2019 Credit Facility Amendment with a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent valued at $1.0 billion (effective 2024-04-12).

Action: amendment
Agreement: credit facility
Counterparty: a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent
Value: $1.0 billion
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, Paychex of New York LLC, a Delaware limited liability company (“PoNY”) and Paychex, Inc., a Delaware corporation (the “Parent”), entered into an amendment (the “2019 Credit Facility Amendment”) to the $1.0 billion, five-year, unsecured, revolving credit facility established on July 31, 2019 (the “2019 Credit Facility”)

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-24-044821

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