Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
Chunk: 14

Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
Chunk 14
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, recapitalizing our debt or taking a number of other actions that are not limited by the terms of the indenture governing the notes that could have the effect of diminishing our ability to make payments on the notes when due. Our debt obligations expose us to risks that could adversely affect our business, operating results or financial condition, and could prevent us from fulfilling our obligations under such indebtedness. In addition, we may be able to incur substantial additional debt in the future. We have, and after this offering will continue to have, significant outstanding indebtedness, as well as the ability to access additional borrowings under our credit facilities. As of February 28, 2025, we had $800.0 million of long-term debt outstanding and unused commitments of $1,982.4 million under our revolving credit facilities. Subject to the limits contained in the credit agreements governing our revolving credit facilities and the indenture that will govern the notes, we may be able to incur substantial additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions, or for other purposes. If we do so, the risks related to our high level of debt could intensify. Specifically, our high level of debt could have important consequences to the holders of the notes, including the following:

| • |     | making it more difficult for us to satisfy our obligations with respect to the notes and our other indebtedness; |

| • |     | requiring a substantial portion of our cash flows (including U.S. cash) to be dedicated to debt service payments                                                                                                                                  
 instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes and potentially requiring repatriation of cash from outside the U.S.; |

| • |     | limiting our ability to obtain additional financing to fund future working capital, capital expenditures, 
 acquisitions or other general corporate requirements;                                                     |

| • |     | increasing our vulnerability to adverse economic and industry conditions; |

| • |     | exposing us to the risk of increased interest rates as certain of our borrowings are at variable rates of 
 interest;                                                                                                 |

| • |     | limiting our flexibility in planning for and reacting to changes in the industry in which we compete; |

| • |     | placing us at a disadvantage compared to other, less leveraged competitors and competitors that have greater 
 access to capital resources;                                                                                 |

| • |     | limiting our interest deductions for U.S. federal income tax purposes; and |

| • |