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, 2021

Line of Credit Facility [Line Items]


		Maximum		Amount Outstanding
		Amount		May 31,
$ in millions	Expiration Date	Available		2021		2020
Credit facilities:
JP Morgan Chase Bank, N.A. ("JPM") ⁽¹⁾	July 31, 2024	$	1,000.0	$	—	$	—
JPM ⁽¹⁾	August 17, 2022	$	500.0		—		—
PNC Bank, National Association (“PNC”) (weighted-average interest rate of 1.16% at May 31, 2021 ⁽²⁾	February 6, 2023	$	250.0		7.4		5.1
Outstanding short-term financing ⁽³⁾				$	7.4	$	5.1

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

⁽²⁾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.

⁽³⁾The total amount available under these credit facilities as of May 31, 2021 was approximately $1.7 billion. Amounts under the PNC credit facility remain outstanding as of the date of this report.