...May 11, 2020 NEW YORK (S&P Global Ratings) May 11, 2020--S&P Global Ratings today assigned its '###+' rating to PayPal Holdings Inc.'s new issuance of senior unsecured notes. PayPal announced today that it intends to issue senior unsecured notes in one or more tranches, subject to market and customary conditions. S&P Global Ratings understands PayPal will use the proceeds to pay back the $3 billion outstanding on the revolver (that was drawn in March 2020) and will use the residual for general corporate purposes. S&P Global Ratings adjusted debt to EBITDA (last 12 months) was 0.4x at the end of March 2020. The company had about $10.2 billion of cash, cash equivalent, and short-term investments on the balance sheet as of the same date. We view the vast majority as unrestricted cash that we net out against about $9.4 billion of gross debt ($5 billion of unsecured debt issued in September 2019, $3 billion outstanding on the revolver, about $500 million of operating lease liabilities, and about...
