{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-284822","form_type":"8-K","ticker":"PYPL","cik":"0001633917","company_name":"PayPal Holdings, Inc.","filed_at":"2025-11-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.993374+00:00","generated_at":"2026-05-16T19:16:49.024887+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"PayPal signs €65B BNPL receivables sale agreement with KKR through March 2028","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-284822","json":"https://secwatch.observer/filing/0001193125-25-284822.json","markdown":"https://secwatch.observer/filing/0001193125-25-284822.md","text":"https://secwatch.observer/filing/0001193125-25-284822.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/0001193125-25-284822-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/d93754d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T19:16:49.024887+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"6d3668156b82327ac04dbf928a0ea5ec5dec8ae9","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1633917/000119312525284822/0001193125-25-284822-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"up to €65 billion"},{"label":"Counterparty","value":"Alps 2.0 Partners S.à r.l."},{"label":"Maturity","value":"28-month commitment period"},{"label":"Event","value":"off balance sheet"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}