PayPal Holdings Inc. hit the market on Monday with a $3 billion corporate bond financing to help the online money-transfer and payments giant fund a $2 billion tender offer for its own debt.
The four-part bond deal included the issuance of new debt that matures in five to 40 years, most of which PayPal PYPL plans to use to finance a concurrent tender offer for $2 billion of its outstanding bonds, according to a public filing. With the 10-year Treasury rate TMUBMUSD10Y pegged near 2.877%, plus the spread, that equates to a 4.4% coupon for the new bonds due in a decade. Its 30-year notes, paying a spread of 215 basis points above the 30-year TMUBMUSD30Y rate, translates to a 5.25% coupon.
PayPal’s stock price closed 1.5% lower Monday, while the technology-heavy Nasdaq Composite Index’s COMP shed 1.2% to kick off the week and the S&P 500 index SPX closed down 0.4%. That added to the Nasdaq’s 25.5% tumble in 2022, compared with a 58.8% drop this year for PayPal’s stock, according to FactSet.
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