The investment-grade notes were issued in four tranches

Davis Polk advised  the joint book-running managers and representatives of the underwriters in connection with the SEC-registered offering by PayPal Holdings, Inc of $500 million aggregate principal amount of 3.900% notes due 2027, $1 billion aggregate principal amount of 4.400% notes due 2032, $1 billion aggregate principal amount of 5.050% notes due 2052 and $500 million aggregate principal amount of 5.250% notes due 2062.

Concurrent with this transaction, Davis Polk represented the dealer manager in a tender offer by PayPal to purchase for cash any and all of its outstanding 2.200% notes due 2022 and 1.350% notes due 2023.

Headquartered in San Jose, California, PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy.

The Davis Polk corporate team included partner Alan F. Denenberg and associate Tierney O’Rourke. The tax team included partner Mario J. Verdolini and associate Dylan J. Steiner. Partner David R. Bauer and associates Joshua Cameron Shirley and Edwin P. Paillant provided intellectual property advice. Partner Gregory S. Rowland, counsel Sarah E. Kim and associate Ann Herman provided Investment Company Act advice. Members of the Davis Polk team are based in the Northern California and New York offices.