Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 56

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 to Note M of the Notes to Consolidated Financial Statements contained in Item 8 of our Form 10-K for fiscal 2024 for further discussion of our credit facilities.

Details of our credit facilities as of February 28, 2025 were as follows:

    Maximum

    February 28, 2025

    Amount

    Outstanding

    Available

    $ in millions
     
    Expiration Date

    Available

    Amount

    Amount

    Credit facilities:

    JP Morgan Chase Bank, N.A. (“JPM”)
     
    April 12, 2029
     
    $
     
    1,000.0

    $
     
    -

    $
     
    1,000.0

    JPM
     
    September 17, 2026
     
    $
     
    750.0

    -

    750.0

    PNC Bank, National Association (“PNC”)
     
    February 6, 2026
     
    $
     
    250.0

    17.6

    232.4

    Total Lines of Credit Outstanding and Available

    $
     
    17.6

    $
     
    1,982.4

27 

Amounts outstanding under the PNC credit facility as of February 28, 2025 remain outstanding as of the date of this report.

Details of borrowings under each credit facility during the third quarter were as follows:

    For the three months ended February 28, 2025

    Credit Facility

    $1 Billion

    $750 Million

    $250 Million

    $ in millions

    JPM

    JPM

    PNC

    Number of days borrowed

    —

    —

    90

    Maximum amount borrowed
     
    $
     
    —

    $
     
    —

    $
     
    18.2

    Weighted-average amount borrowed
     
    $
     
    —

    $
     
    —

    $
     
    17.8

    Weighted-average interest rate

    —
     
    %

    —
     
    %

    4.57
     
    %

We primarily use short-term borrowings to settle client fund obligations, rather than liquidating previously collected client funds invested in our long-term AFS investment portfolio.

We expect to have access to the amounts available under