We advised Paychex on its investment-grade notes offering

Davis Polk advised Paychex in connection with its SEC-registered offering of $1.5 billion of its 5.100% senior notes due 2030, $1.5 billion of its 5.350% senior notes due 2032 and $1.2 billion of its 5.600% senior notes due 2035. The company will use the net proceeds from the offering to fund its pending acquisition of Paycor HCM, Inc., including the payment of related fees and expenses, with any remaining net proceeds for general corporate purposes.

Paychex is an industry-leading human capital management company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves over 745,000 customers in the United States and Europe and pays one out of every 12 American private-sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associates Dennis Chu, Megan P. Phansalkar and Nicole (Nikki) Williams. Partner Michael Mollerus and associate Omar Hersi provided tax advice. Partner Frank Azzopardi and associates Ted (Edward) Talas and Nazli Ungan provided intellectual property advice. Counsel Sarah E. Kim and associate Saloni Pant provided Investment Company Act advice. All members of the Davis Polk team are based in the New York office.

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