Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 10

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 10
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customary closing conditions. Subject to satisfaction of the closing conditions, the Acquisition is expected to close in April 2025.

We
expect 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. The closing of this offering is not conditioned upon the
consummation of the Acquisition. See “Use of Proceeds.”

S-2

The Offering The following description of certain provisions of the notes offered hereby is not complete, does not contain all the information that is important to you and is subject to, and qualified in its entirety by reference to, the information appearing in this prospectus supplement under the caption “Description of Notes” and in the accompanying prospectus under the caption “Description of Debt Securities.”

| Issuer | Paychex, Inc. |

| Securities Offered | $1,500,000,000 aggregate principal amount of 5.100% notes due 2030 |

| $1,500,000,000 aggregate principal amount of 5.350% notes due 2032 |

| $1,200,000,000 aggregate principal amount of 5.600% notes due 2035 |

| Interest Rates | 2030 notes — 5.100% per annum |

| 2032 notes — 5.350% per annum |

| 2035 notes — 5.600% per annum |

| Use of Proceeds | We expect 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. For more information about our use of proceeds from 
 this offering, see “Use of Proceeds.”                                                                                                                                                                                                                 |

| Optional Redemption | 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” in this prospectus supplement. |

S-3

| Change of Control Repurchase Event | Upon the occurrence of both (1) a change of control of us and (2) a downgrade of the notes below an investment grade rating by each of Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. within a                           
 specified period, unless we have previously exercised our optional redemption right with respect to a series of notes in whole, we will be required to offer to repurchase each series of notes at a price equal to 101% of the then outstanding 
 principal amount,