PayPal Holdings, Inc. (PYPL): debt financing — PayPal signs €65B BNPL receivables sale agreement with KKR through March 2028

PayPal Holdings, Inc.

Up to €65B of UK and European BNPL loan receivables to be sold to KKR over 28-month commitment period.
Covers France, Germany, Italy, Spain, UK; expected to close in Q4 2025.
PayPal will continue underwriting and servicing; balance-sheet-light model supports capital return.
Agreement already incorporated in PayPal's Q4 and FY2025 guidance issued October 28, 2025.
Follows initial 2023 partnership; KKR credit funds to purchase majority of European BNPL receivables.

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

PayPal Holdings, Inc. entered an off-balance-sheet arrangement for loan of up to €65 billion with Alps 2.0 Partners S.à r.l. maturing 28-month commitment period.

Instrument: loan
Principal: up to €65 billion
Counterparty: Alps 2.0 Partners S.à r.l.
Maturity: 28-month commitment period
Event: off balance sheet

Exact text from the filing

On November 11, 2025, PayPal (Europe) S.à r.l. et Cie, SCA (as Seller and a Receivables Manager) and PayPal UK Ltd (as a Receivables Manager and collectively with PayPal (Europe) S.à r.l. et Cie, SCA, the Receivables Managers) entered into a Receivables Purchase Agreement with Alps 2.0 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 2.0 Partners (Holding) S.à r.l. (as Class C Lender) to sell up to €65 billion of UK and European buy now, pay later (BNPL) loan receivables originated by the Seller.

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Source: SEC EDGAR

accession 0001193125-25-284822

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