Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 14

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 14
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reducing the amount of proceeds paid to you. If there are not sufficient assets remaining to pay all these creditors, all or a portion of the notes then outstanding would remain unpaid.

S-6

We and our subsidiaries may still incur substantially more debt or take other actions which would intensify the risks discussed herein. We and our subsidiaries may incur substantial additional debt in the future, subject to the restrictions contained in our future debt instruments, if any, some of which may be secured debt. 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. We will not be restricted under the terms of the indenture governing the notes from incurring additional debt, including secured debt, 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