We advised the underwriters on the offering

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 $650 million aggregate principal amount of 4.550% notes due 2028, $850 million aggregate principal amount of 4.950% notes due 2031 and $500 million aggregate principal amount of 5.550% notes due 2036.

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 partners Alan F. Denenberg and Emily Roberts and associates Sunny Xu and Simon Luu. The tax team included counsel Dustin Plotnick and associate Carter Ballentine Allison. Partner Matthew J. Bacal and associates Shreya R. Kundur and Ryan Grawe provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.

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