---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-172688"
form_type: "8-K"
ticker: "PYPL"
cik: "0001633917"
company_name: "PayPal Holdings, Inc."
filed_at: "2023-06-22T23:59:59+00:00"
generated_at: "2026-06-13T19:04:52.105078+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# PayPal signs €40B BNPL receivables sale with KKR; boosts 2023 buyback to $5B

## Summary
- KKR-affiliated funds will purchase up to €40 billion of eligible European BNPL loans from PayPal.
- PayPal expects initial proceeds of ~$1.8 billion at close, allocated to share repurchases and corporate purposes.
- PayPal raises 2023 share repurchase outlook to ~$5 billion, with ~$1 billion incremental from this deal.
- Transaction expected to close H2 2023; PayPal retains customer-facing underwriting and servicing roles.
- The deal is already contemplated in PayPal's full-year GAAP and non-GAAP EPS and margin guidance.

## SEC filing metadata
- accession: 0001193125-23-172688
- form_type: 8-K
- ticker: PYPL
- cik: 0001633917
- company_name: PayPal Holdings, Inc.
- filed_at: 2023-06-22T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1633917/000119312523172688/0001193125-23-172688-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1633917/000119312523172688/d466046d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-172688
- JSON: https://secwatch.observer/filing/0001193125-23-172688.json
- Plain text: https://secwatch.observer/filing/0001193125-23-172688.txt

## Key facts
- Debt Financings
  PayPal Holdings, Inc. entered an off-balance-sheet arrangement for loan of up to EUR 40 billion with Alps Partners S.à r.l. maturing 24-month commitment period.
  - Instrument: loan
  - Principal: up to EUR 40 billion
  - Counterparty: Alps Partners S.à r.l.
  - Maturity: 24-month commitment period
  - Event: off balance sheet
  source text: Services limited (as Security Agent), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps Partners (Holding) S.à r.l. (as Class C Lender) to sell up to EUR 40 billion of UK and European buy now, pay later (BNPL) loan receivables originated by the Seller. The Receivables Purchase Agreement consists of the sale of a substantial majority of the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633917/000119312523172688/0001193125-23-172688-index.htm
- Material Agreements
  PayPal Holdings, Inc. entered into Receivables Purchase Agreement with Alps Partners S.à r.l. valued at EUR 40 billion (effective 2023-06-16).
  - Action: entry
  - Counterparty: Alps Partners S.à r.l.
  - Value: EUR 40 billion
  - Effective: 2023-06-16
  source text: On June 16, 2023, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and Receivables Manager) entered into a Receivables Purchase Agreement with Alps Partners S.à r.l. (as Purchaser), BNY Mellon Corporate Trustee Services limited (as Security Agent), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps Partners (Holding) S.à r.l. (as Class C Lender) to sell up to EUR 40 billion of UK and European buy now, pay later (BNPL) loan receivables originated by the Seller.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633917/000119312523172688/0001193125-23-172688-index.htm
- Material Agreements
  PayPal Holdings, Inc. entered into Receivables Management Agreement with Alps Partners S.à r.l. (effective 2023-06-16).
  - Action: entry
  - Counterparty: Alps Partners S.à r.l.
  - Effective: 2023-06-16
  source text: In addition, on June 16, 2023, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and Receivables Manager) entered into a Receivables Management Agreement with Alps Partners S.à r.l. (as Purchaser), Avega S.à r.l. (as Back-Up Receivables Manager Facilitator) and Alps Partners (Holding) S.à r.l. (as Class C Lender) pursuant to which the Receivables Manager is obligated to service the UK and European BNPL receivables portfolio purchased by the Purchaser under the Receivables Purchase Agreement consistent with certain policies and procedures.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633917/000119312523172688/0001193125-23-172688-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.