PayPal draws down $1.5 billion under delayed-draw term loan

By Sarah Lizee

Olympia, Wash., Feb. 15 – PayPal Holdings, Inc. drew down an additional $1.5 billion under its 364-day delayed-draw term loan credit facility on Feb. 9, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings under the facility bear interest at Libor plus a margin of 112.5 basis points for an effective rate of 2.92% as of Feb. 9.

PayPal said it expects that the funds will be used for capital allocation and other general corporate purposes of the company and its subsidiaries.

Following the drawdown, the remaining availability under the facility is $500 million.

The online payments company is based in Palo Alto, Calif.

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