PayPal Holdings, Inc. $4 Billion Notes Offering

Davis Polk advised the joint book-running managers and representatives of the underwriters in connection with the SEC-registered offering of $1 billion aggregate principal amount of 1.350% notes due 2023, $1 billion aggregate principal amount of 1.650% notes due 2025, $1 billion aggregate principal amount of 2.300% notes due 2030 and $1 billion aggregate principal amount of 3.250% notes due 2050 by PayPal Holdings, Inc.

Headquartered in San Jose, California, PayPal Holdings, Inc. is a leading technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. PayPal Holdings, Inc. is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Bryan M. Quinn and Sylvia Zaich. The tax team included counsel Leslie J. Altus and associate Shay Moyal. Partner Frank J. Azzopardi and associate Jennifer Leather provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.