The yen-denominated investment-grade notes were issued in three tranches

We advised the joint book-running managers and representatives of the several underwriters in connection with the SEC-registered offering by PayPal Holdings, Inc. of ¥30 billion aggregate principal amount of 0.813% notes due 2025, ¥23 billion aggregate principal amount of 0.972% notes due 2026 and ¥37 billion aggregate principal amount of 1.240% notes due 2028.

Headquartered in San Jose, California, PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Paula Gergen and Ivey Eugene. The tax team included partner Mario J. Verdolini and associates Tyler Scheiner and Michelle Zhao. Partner Matthew J. Bacal and associates Joshua Shirley and Shreya R. Kundur provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.

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