Paychex amends two revolvers, changes interest rate provisions

By Wendy Van Sickle

Columbus, Ohio, April 16 – Paychex of New York LLC and parent Paychex, Inc. amended two unsecured credit facilities on April 12, according to an 8-K filing with the Securities and Exchange Commission.

The $1 billion revolving credit facility established on July 31, 2019 with JPMorgan Chase Bank, NA as administrative agent was amended to extend the maturity date to April 12, 2029 from July 31, 2024, to amend the lenders and to amend the interest rate provisions. Borrowings bear interest at SOFR plus a margin ranging from 75 basis points to 125 bps, depending either on ratings or leverage ratio.

JPMorgan, PNC Capital Markets LLC and BofA Securities, Inc. are the joint bookrunners and lead arrangers.

Wells Fargo Bank, NA and BMO Bank NA are the co-documentation agents.

The $750 million five-year revolver established on Aug. 17, 2017 was amended to change the interest rate provision.

The interest margins of this credit facility are the same as the 2019 credit facility, which also has JPMorgan as administrative agent and a bookrunner along with PNC.

Paychex is a provider of payroll, human resource and benefits outsourcing services for small- to medium-sized businesses. It is based in Rochester, N.Y.

© 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.