PayPal Holdings, Inc. $5 Billion Notes Offering

Davis Polk advised the underwriters in connection with an SEC-registered offering of $1 billion aggregate principal amount of 2.200% notes due 2022, $1.25 billion aggregate principal amount of 2.400% notes due 2024, $1.25 billion aggregate principal amount of 2.650% notes due 2026 and $1.5 billion aggregate principal amount of 2.850% notes due 2029 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, counsel Jeffery Gould and associate Stephanie Y. Cheng. The tax team included partner Rachel D. Kleinberg. Partner Frank J. Azzopardi and associate Jennifer Leather provided intellectual property and technology advice. Members of the Davis Polk team are based in the Northern California and New York offices.