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JPMorgan Chase Agents $5B Credit Agreement for PayPal

November 28, 2018, 08:00 AM
Filed Under: FinTech

PayPal Holdings, Inc. entered into an amended and restated credit agreement, with  and JPMorgan Chase Bank, N.A., serving as Administrative Agent. The Credit Agreement amends and restates the existing credit agreement entered into by the Company and the Guarantor on December 5, 2017.

The Credit Agreement provides for an unsecured $5.0 billion 364-day delayed-draw term loan credit facility, which is available in up to four separate borrowings. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Credit Agreement provided that the Company and the Guarantor guarantee all borrowings and other obligations of any such designated subsidiaries under the Credit Agreement. As of November 26, 2018, no subsidiaries were designated as additional borrowers. Funds borrowed under the Credit Agreement may be used for capital allocation and other general corporate purposes of the Company and its subsidiaries.

As of November 26, 2018, $2.0 billion was outstanding under the Credit Agreement. Accordingly, at November 26, 2018, $3.0 billion of borrowing capacity was available for the purposes permitted by the Credit Agreement.

The lenders party to the Credit Agreement and/or their affiliates have from time to time provided, and/or may in the future provide, various financial advisory, commercial banking, investment banking and other services to the Company and its affiliates, for which they received or may receive customary compensation and expense reimbursement.

The foregoing description of the Credit Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Credit Agreement, which is attached hereto as Exhibit 10.1, and is incorporated by reference into this Current Report on Form 8-K.


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