Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Long-Term Financing (Tables)

Long-Term Financing (Tables)

12 Months Ended

May 31, 2022

Long-term debt, at amortized cost, consisted of the following as of:


	May 31,
In millions	2022			2021
Senior Notes, Series A	$	400.0		$	400.0
Senior Notes, Series B		400.0			400.0
Total long-term borrowings		800.0			800.0
Less: Debt issuance costs, net of accumulated amortization		(2.3	)		(2.7	)
Long-term borrowings, net of debt issuance costs	$	797.7		$	797.3

Certain information related to the Senior Notes, Series A and Senior Notes, Series B (collectively the “Notes”) issued pursuant to the Note Purchase and Guarantee Agreement (the “Agreement”) for fiscal 2022 and fiscal 2021 are as follows:


	Senior Notes	Senior Notes
	Series A	Series B
Stated interest rate	4.07%	4.25%
Effective interest rate	4.15%	4.31%
Interest rate type	Fixed	Fixed
Interest payment dates	Semi-annual, in arrears	Semi-annual, in arrears
Principal payment dates	March 13, 2026	March 13, 2029
Note type	Unsecured	Unsecured

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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