PayPal issues $1.5B in senior notes across three tranches

PayPal Holdings, Inc.

Issued $450M floating rate notes due 2028, $450M 4.450% notes due 2028, and $600M 5.100% notes due 2035.
Notes are unsecured senior obligations ranking equally with existing unsecured debt.
Floating rate notes not redeemable; 2028 and 2035 notes redeemable with make-whole premium before certain dates.
Change of control triggering rating downgrade requires repurchase at 101% of principal plus accrued interest.
Indenture includes customary covenants and event of default provisions.

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