The investment-grade notes were issued in two tranches

We advised the joint book-running managers and representatives of the several underwriters in connection with the SEC-registered offering by PayPal Holdings, Inc. of $850 million aggregate principal amount of 5.150% notes due 2034 and $400 million aggregate principal amount of 5.500% notes due 2054.

Headquartered in San Jose, California, PayPal has been revolutionizing commerce globally for more than 25 years. PayPal creates innovative experiences that make moving money, selling and shopping simple, personalized and secure. PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Paula Gergen and Savannah J. Dowling. The tax team included partner Mario J. Verdolini and associate Ted Lee. Partner Matthew J. Bacal and associates Shreya R. Kundur and Kimberly Hickey provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.