Company: PAYX
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0001193125-25-075170
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Company: PAYCHEX INC
Filing Date: 2025-04-08
Form: 424B2
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The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and they are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-286249 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated March 31, 2025) SUBJECT TO COMPLETION Dated April 8, 2025 $ PAYCHEX, INC. $ % Notes due 20 $ % Notes due 20 $ % Notes due 20 Paychex, Inc. (“we” or “us”) is offering $ of our % notes due 20 (the “20 notes”), $ of our % notes due 20 (the “20 notes”) and $ of our % notes due 20 (the “20 notes” and, together with the 20 and the 20 notes, the “notes”). We will pay interest on the notes semi-annually in arrears on and of each year, beginning on , 2025. The 20 notes will mature on , 20 , the 20 notes will mature on , 20 and the 20 notes will mature on , 20 . We may redeem the notes in whole or in part at any time or from time to time at the redemption prices described under “Description of Notes—Optional Redemption.” Upon a Change of Control Repurchase Event, we may be required to make an offer to repurchase all outstanding notes as described under “Description of Notes—Change of Control Repurchase Event.” On January 7, 2025, we entered into a definitive agreement to acquire Paycor HCM, Inc. (“Paycor”), a leading provider of human capital management, payroll and talent software (the “Acquisition”). We intend to use the net proceeds from this offering to fund the Acquisition, including the payment of related fees and expenses, with any remaining net proceeds for general corporate purposes. See “Use of Proceeds.” The Acquisition is expected to close in April 2025, subject to customary closing conditions. The closing of this offering is not conditioned upon the consummation of the Acquisition. If (i) the Acquisition is not consummated on or prior to the later of (x) October 7,