Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Long-Term Financing (Tables)

Long-Term Financing (Tables)

9 Months Ended

Feb. 29, 2020

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


	February 29,		May 31,
In millions	2020		2019
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		(3.3)		(3.6)
Long-term borrowings, net of debt issuance costs	$	796.7	$	796.4

Certain information related to the Senior Notes are as follows:


	Senior Notes	Senior Notes
	Series A	Series B
Stated interest rate	4.07%	4.25%
Effective interest rate	4.12%	4.29%
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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+ Details