PayPal draws down final $500 million under delayed-draw term loan

By Wendy Van Sickle

Columbus, Ohio, April 3 – PayPal Holdings, Inc. drew down the remaining $500 million under its 364-day delayed-draw term loan credit facility on March 29, 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 3.427% as of March 29.

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, there is no remaining availability under the $3 billion facility, which was entered in December and drawn in amounts of $1 billion in December and $1.5 billion in February.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.