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

Annual report pursuant to Section 13 and 15(d)

Short-term Financing (Tables)

Short-term Financing (Tables)

12 Months Ended

May 31, 2020

Line of Credit Facility [Line Items]


		Maximum		Amount Outstanding
		Amount		May 31,
$ in millions	Expiration Date	Available		2020		2019
Credit facilities:
JP Morgan Chase Bank, N.A. ("JPM")⁽¹⁾⁽²⁾	July 31, 2024	$	1,000.0	$	-	$	-
JPM ⁽¹⁾	August 17, 2022	$	500.0		-		-
PNC Bank, National Association (“PNC”) (weighted-average interest rate of 1.28% at May 31, 2020 ⁽³⁾	February 6, 2023	$	250.0		5.1		-
Outstanding short-term financing ⁽⁴⁾				$	5.1	$	-

(1)JPM acts as the administrative agent for this syndicated credit facility.

(2)This agreement replaced the Company’s predecessor five-year unsecured $1.0 billion credit facility dated August 5, 2015, which was terminated on July 31, 2019.

(3)This agreement replaced the Company’s predecessor four-year unsecured $150.0 million credit facility dated March 17, 2016, which was terminated on February 6, 2020.

(4)The total amount available under these credit facilities as of May 31, 2020 was approximately $1.8 billion. Amounts under the PNC credit facility remain outstanding as of the date of this report.