Latham & Watkins Advises on Paychex's US$4.2 Billion Senior Notes Offering

Paychex, Inc. (Nasdaq: PAYX) announced the pricing of a public offering of US$4.2 billion aggregate principal amount of senior notes, consisting of US$1.5 billion aggregate principal amount of 5.100% senior notes due 2030, US$1.5 billion aggregate principal amount of 5.350% senior notes due 2032, and US$1.2 billion aggregate principal amount of 5.600% senior notes due 2035. The offering closed on April 10, 2025. Net proceeds from the offering were used to fund the previously announced acquisition of Paycor HCM, Inc. (Paycor), including the payment of related fees and expenses, with any remaining net proceeds for general corporate purposes. The acquisition closed on April 14, 2025.

Latham & Watkins LLP represented the underwriters in the offering with a team led by New York partner Corey Wright and New York counsel Hana Nah, with associates Amanda Farrish and Sophia Dilworth. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Joyce Shin; on data privacy matters by Bay Area partner Robert Blamires, with associate Kathryn Parsons-Reponte; and on intellectual property matters by New York partner Jeffrey Tochner, with associate Sebastian Moss.