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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/16/24 Paychex Inc. 8-K:1,2,9 4/12/24 10:3.9M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 8-K Current Report HTML 44K
2: EX-10.1 Material Contract HTML 1.66M
3: EX-10.2 Material Contract HTML 1.61M
5: R1 Document And Entity Information HTML 45K
7: XML IDEA XML File -- Filing Summary XML 11K
10: XML XBRL Instance -- payx-20240412_htm XML 15K
6: EXCEL IDEA Workbook of Financial Report Info XLSX 8K
4: EX-101.SCH XBRL Taxonomy Extension Schema With Embedded XSD 70K
Linkbases Document -- payx-20240412
8: JSON XBRL Instance as JSON Data -- MetaLinks 11± 18K
9: ZIP XBRL Zipped Folder -- 0000950170-24-044821-xbrl Zip 527K
| 8-K |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM i 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i April 12, 2024 |
i Paychex, Inc.
(Exact name of Registrant as Specified in Its Charter)
i Delaware |
i 01-11330 |
i 16-1124166 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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i 911 Panorama Trail South |
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i Rochester, i New York |
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i 14625-2396 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: i (585) i 385-6666 |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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i Common Stock, $0.01 par value |
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i PAYX |
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i Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company i ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Amendment to 2019 Credit Facility
On April 12, 2024, Paychex of New York LLC, a Delaware limited liability company (“PoNY”) and Paychex, Inc., a Delaware corporation (the “Parent”), entered into an amendment (the “2019 Credit Facility Amendment”) to the $1.0 billion, five-year, unsecured, revolving credit facility established on July 31, 2019 (the “2019 Credit Facility”), and last amended on September 17, 2021, in favor of PoNY as borrower by a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent.
The 2019 Credit Facility Amendment, among other things, (a) extends the maturity date of the 2019 Credit Facility from July 31, 2024 to April 12, 2029, (b) amends the interest rate provisions under the 2019 Credit Facility, (c) amends the lenders under the syndication and (d) makes other ministerial changes to the 2019 Credit Facility.
Amendment to 2017 Credit Facility
On April 12, 2024, PoNY and the Parent entered into an amendment (the “2017 Credit Facility Amendment”) to the $750.0 million, five-year, unsecured, revolving credit facility established on August 17, 2017 (the “2017 Credit Facility”), and last amended on September 17, 2021, in favor of PoNY as borrower by a syndicate of lenders for which JPMorgan Chase Bank, N.A. acts as Administrative Agent.
The 2017 Credit Facility Amendment, among other things, (a) amends the interest rate provisions under the 2017 Credit Facility, and (b) makes other ministerial changes to the 2017 Credit Facility.
The other terms of both the 2019 Credit Facility and the 2017 Credit Facility are substantially similar to the original terms, including customary covenants which, among other things, include certain restrictions on the Parent and certain of its Subsidiaries’ (including PoNY) ability to borrow, to grant liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers and transfers of all or substantially all of their respective assets.
The lenders under the 2019 Credit Facility and the 2017 Credit Facility, and their respective affiliates, have performed, and may in the future perform for PoNY and the Parent, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses.
Terms used herein and not otherwise defined have the meanings given to them in the respective credit agreements evidenced by the 2019 Credit Facility and the 2017 Credit Facility. The foregoing description of the terms and conditions of the 2019 Credit Facility Amendment and the 2017 Credit Facility Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the 2019 Credit Facility Amendment filed as Exhibit 10.1, and the 2017 Credit Facility Amendment filed as Exhibit 10.2, to this Current Report on Form 8-K, which are incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
Exhibit |
Description |
Exhibit 104 |
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PAYCHEX, INC. |
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Date: |
By: |
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Robert L. Schrader |
| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 4/12/29 | ||||
| 7/31/24 | ||||
| Filed on: | 4/16/24 | |||
| For Period end: | 4/12/24 | |||
| 9/17/21 | 8-K | |||
| 7/31/19 | 8-K | |||
| 8/17/17 | ||||
| List all Filings | ||||