Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 21

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 21
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ness. The notes will also be structurally subordinated in right of payment to any indebtedness and other liabilities of our subsidiaries.

None of our subsidiaries will guarantee the notes. Accordingly, claims of the creditors of our subsidiaries will generally have priority with
respect to the assets and earnings of such subsidiaries over the claims of our creditors, including holders of the notes. As of February 28, 2025, our subsidiaries had approximately $7.1 billion of liabilities, including trade payables and
amounts due to customers but excluding intercompany liabilities and liabilities of a type not required to be reflected on a balance sheet in accordance with GAAP.

After giving effect to this offering and the use of the net proceeds to fund the Acquisition, including the payment of related fees and
expenses, we would have had $5,017.6 million of consolidated indebtedness outstanding as of February 28, 2025.

S-13

Maturity and Interest The 2030 notes will mature on April 15, 2030, the 2032 notes will mature on April 15, 2032 and the 2035 notes will mature on April 15, 2035. The 2030 notes will bear interest at 5.100% per annum, the 2032 notes will bear interest at 5.350% per annum and the 2035 notes will bear interest at 5.600% per annum. We will pay interest on the notes semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2025, to the persons in whose name the notes are registered at the close of business on the immediately preceding April 1 or October 1 (whether or not such record date is a business day). Interest on the notes will be computed on the basis of a 360-dayyear composed of twelve 30-daymonths. If an interest payment date or maturity date for the notes falls on a day that is not a business day, we will make the payment on the next business day and no additional interest shall accrue as a result of the delay in payment. Special Mandatory Redemption If (i) the Acquisition is not consummated on or prior to the later of (x) October 7, 2025 or (y) the date that is five business days after any later date to which the parties to the Merger Agreement may agree to extend the “End Date” in the Merger Agreement, (ii) the