...September 19, 2019 NEW YORK (S&P Global Ratings) Sept. 19, 2019--PayPal announced today it intends to offer senior notes in one or more tranches, subject to market and customary conditions. We project leverage to remain very low over our two-year rating horizon (below 0.5x), and our ratings on PayPal remain unchanged. S&P Global Ratings understands the company will use the proceeds to pay back $2.5 billion outstanding on its 364-day term loan credit facility (due November 2019) and for general corporate purposes. S&P Global Ratings adjusted net debt was zero at the end of June 2019, with over $8 billion cash, cash equivalent, and short-term investments on the balance sheet. We view the vast majority as unrestricted cash that we net out against about $4 billion of gross debt at the same date (of which about $500 million on operating lease liabilities and a little under $1 billion in repatriation tax liability, on top of the $2.5 billion term loan debt)....
