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  			PAYX-7.31.19-8-K
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  			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:18pt;">UNITED STATES</font>
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  			<font style="display: inline;font-weight:bold;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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  			<font style="display: inline;font-weight:bold;font-size:12pt;">Washington, D.C. 20549</font>
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  			<font style="display: inline;">&#xFEFF;</font>
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  			<font style="display: inline;font-weight:bold;font-size:18pt;">FORM 8-K</font>
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  			<font style="display: inline;">&#xFEFF;</font>
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  			<font style="display: inline;font-weight:bold;font-size:14pt;">CURRENT REPORT</font>
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  			<font style="display: inline;font-weight:bold;font-size:12pt;">Pursuant to Section&nbsp;13 or 15(d) of the</font>
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  			<font style="display: inline;font-weight:bold;font-size:12pt;">Securities Exchange Act of 1934</font>
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  			<font style="display: inline;font-weight:bold;font-size:12pt;">Date of Report: July&nbsp;</font><font style="display: inline;font-weight:bold;font-size:12pt;">31</font><font style="display: inline;font-weight:bold;font-size:12pt;">, 2019 </font>
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  			<font style="display: inline;font-weight:bold;font-size:12pt;">(Date of earliest event reported)</font>
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  			<font style="display: inline;">&#xFEFF;</font>
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  			<font style="display: inline;font-weight:bold;font-size:24pt;">PAYCHEX,&nbsp;INC.</font>
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  			<font style="display: inline;font-weight:bold;">(Exact name of registrant as specified in its charter)</font>
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  			<font style="display: inline;">&#xFEFF;</font>
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  						<font style="display: inline;font-weight:bold;color:#000000;">DELAWARE</font></p>
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  						&nbsp;</p>
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  						<font style="display: inline;font-weight:bold;color:#000000;">0-11330</font></p>
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  						<font style="display: inline;font-weight:bold;color:#000000;">16-1124166</font></p>
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  						<font style="display: inline;font-weight:bold;font-size:8pt;">(State or other jurisdiction</font></p>
  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
  						<font style="display: inline;font-weight:bold;font-size:8pt;">of incorporation)</font></p>
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  						&nbsp;</p>
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  						<font style="display: inline;font-weight:bold;font-size:8pt;">(Commission</font></p>
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  						<font style="display: inline;font-weight:bold;font-size:8pt;">File Number)</font></p>
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  						&nbsp;</p>
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  						<font style="display: inline;font-weight:bold;font-size:8pt;">(IRS Employer</font></p>
  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
  						<font style="display: inline;font-weight:bold;font-size:8pt;">Identification Number)</font></p>
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  			<font style="display: inline;">&#xFEFF;</font>
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  			<font style="display: inline;">&#xFEFF;</font>
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  						<font style="display: inline;font-weight:bold;">&#xFEFF;</font></p>
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  						&nbsp;</p>
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  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;font-weight:bold;">911 PANORAMA TRAIL SOUTH,</font></p>
  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;font-weight:bold;">ROCHESTER, NEW YORK</font></p>
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  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;font-weight:bold;color:#000000;">14625-2396</font></p>
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  						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices)</font></p>
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  						&nbsp;</p>
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  						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Zip Code)</font></p>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">&#xFEFF;</font>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;font-weight:bold;">(585) 385-6666</font>
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  			<font style="display: inline;font-weight:bold;font-size:8pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
  			<font style="display: inline;font-weight:bold;font-size:8pt;">&#xFEFF;</font>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;font-weight:bold;">N/A</font>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
  			<font style="display: inline;font-weight:bold;font-size:8pt;">(Former name or former address, if changed since last report.)</font>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">&#xFEFF;</font>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">&#xFEFF;</font>
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  					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
  						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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  						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">&#x2610;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">&#xFEFF;</font>
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  			<font style="display: inline;">Securities registered pursuant to Section 12(b) of the Act:</font>
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  					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
  						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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  					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
  						&nbsp;</p>
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  					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
  						&nbsp;</p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">Title of each class</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">Trading Symbol(s)</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">Name of each exchange on which registered</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">Common Stock, $0.01 par value</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">PAYX</font></p>
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  					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
  						<font style="display: inline;">Nasdaq Global Select Market</font></p>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">&#xFEFF;</font>
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  		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (</font><font style="display: inline;">&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
  		</p>
  		<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
  			<font style="display: inline;font-size:11pt;">&#xFEFF;</font>
  		</p>
  		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
  			<font style="display: inline;">Emerging growth company&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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  			<font style="display: inline;">If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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  		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;color:#000000;">ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font>
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  			<font style="display: inline;">On </font><font style="display: inline;">July </font><font style="display: inline;">31</font><font style="display: inline;">, 2019, Paychex</font><font style="display: inline;"> of New York LLC, a Delaware limited liability company (the &#x201C;Company&#x201D;), and Paychex, Inc., a Delaware corporation (the &#x201C;Parent&#x201D;), entered into a credit agreement with a group of lenders which establi</font><font style="display: inline;">shes a new five-year, unsecured,</font><font style="display: inline;"> revolving credit facility (the &#x201C;Five-Year Facility&#x201D;) in favor of the Company in the original aggregate principal amount of up to $1.0 billion.&nbsp;&nbsp;JPMorgan Chase Bank, N.A. acts as Administrative Agent, and PNC Bank, N.A. acts as Syndication Agent for the Five-Year Facility.&nbsp;&nbsp;The Five-Year Facility replaces the Company&#x2019;s $1.0 billion five-year</font><font style="display: inline;">,</font><font style="display: inline;"> unsecured</font><font style="display: inline;">,</font><font style="display: inline;"> revolving credit facility which the Company and the Parent entered into on August 5, 2015 and which was terminat</font><font style="display: inline;">ed on July </font><font style="display: inline;">31</font><font style="display: inline;">, 2019</font><font style="display: inline;"> (the &#x201C;Replaced 2015 Facility&#x201D;).&nbsp; </font>
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  			<font style="display: inline;">The existing $500 million five-year unsecured credit facility which the Company entered into on August 17, 2017, the existing $150 million four-year unsecured revo</font><font style="display: inline;">lving credit facility which Payc</font><font style="display: inline;">hex Advance LLC, a subsidiary of the Parent, entered into on March 17, 2016</font><font style="display: inline;">,</font><font style="display: inline;"> the existing $400 million of 4.07% Senior Notes, Series A and the existing $400 million of 4.25% Senior Notes, Series B, which the Company issued all pursuant to a note purchase and guarantee agreement, dated as of January 9, 2019, will continue to remain in full force and effect.</font>
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  			<font style="display: inline;">Two borrowing options will be available under the Five-Year Facility: (i) a revolving loan option and (ii) a swingline loan option. Both the revolving credit and swingline loan options are provided on a committed basis.&nbsp;&nbsp;Amounts borrowed and repaid may be re-borrowed subject to availability under the Five-Year Facility. The Five-Ye</font><font style="display: inline;">ar Facility matures on July 31</font><font style="display: inline;">, 2024 at which time all borrowings thereunder will terminate. </font>
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  			<font style="display: inline;">Any loan (including any swingline loan) comprising an ABR borrowing under the Five-Year Facility will bear interest at the alternate base rate plus the applicable rate.&nbsp;&nbsp;Any loans comprising each Eurocurrency borrowing under the Five-Year Facility shall bear interest at the adjusted LIBO rate for the interest period in effect for such borrowing plus the applicable rate. If any principal of or interest on any loan or any fee or other amount payable by the Company is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest at a rate per annum equal to (i) in the case of overdue principal of any loan, 2% plus the rate otherwise applicable to such loan as provided or (ii) in the case of any other amount, 2% plus the rate applicable to the ABR loans.&nbsp;&nbsp;Accrued interest on each revolving loan shall be payable in arrears on each interest payment date and upon termination of the commitment. </font>
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  			<font style="display: inline;">In addition, the Company will pay a commitment fee, payable quarterly in arrears, and calculated at an applicable rate based upon the daily unused amount of the Five-Year Facility during the period from and including the effective date of the Five-Year Facility to but excluding the date on which the commitments for the Five-Year Facility terminate.</font>
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  			<font style="display: inline;">The other terms of the Five-Year Facility are substantially similar to the terms of the Replaced 2015 Facility, including customary covenants which, among other things,</font><font style="display: inline;"> include certain</font><font style="display: inline;"> restrict</font><font style="display: inline;">ions</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">on </font><font style="display: inline;">the Parent&#x2019;s and its subsidiaries </font><font style="display: inline;">ability </font><font style="display: inline;">to borrow, to grant liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers and transfers of all or substantially all of their respective assets. </font>
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  			<font style="display: inline;">The Five-Year Facility contains customary events of default that would permit the lenders to accelerate the loans, which events of defaults include, among other things, the failure to make timely payments under the Five-Year Facility or other material indebtedness, the failure to satisfy covenants and specified events of bankruptcy and insolvency.</font>
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  			<font style="display: inline;">The Parent and certain of its subsidiaries have guaranteed the payment by the Company of all indebtedness and obligations of the Company under the Five-Year Facility.&nbsp;&nbsp;Borrowings under the Five-Year Facility may be used for general corporate purposes.</font>
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  			<font style="display: inline;">The Five-Year Facility is led by JPMorgan Chase Bank, N.A. and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. and Wells Fargo Bank, N.A. are Co-Documentation Agents for the Five-Year Facility.</font>
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  			<font style="display: inline;">Certain lenders under this credit facility, and their respective affiliates, have performed, and may in the future perform for us, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses.</font>
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  			<font style="display: inline;">Terms used herein and not otherwise defined have the meanings given to them in the credit agreement which evidences the Five-Year Facility. The foregoing description of the terms and conditions of the Five-Year Facility do not purport to be complete and are qualified in their entirety by reference to the full text of the Five-Year Facility filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference. </font>
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  			<font style="display: inline;">The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.</font>
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  			<font style="display: inline;font-weight:bold;color:#000000;">I</font><font style="display: inline;font-weight:bold;color:#000000;">TEM&nbsp;9.01 FINANCIAL STATEMENTS AND EXHIBITS</font><font style="display: inline;">&nbsp;</font>
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  						<a href="payx-20190731xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Five-Year Credit Agreement, dated as of July 31, 2019, by and among the Company, the Parent, and the lender parties thereto.</font></a></p>
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  		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;">SIGNATURES</font>
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  			<font style="display: inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font>
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  						<font style="display: inline;font-weight:bold;color:#000000;">PAYCHEX,&nbsp;INC.</font></p>
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  						<font style="display: inline;">August </font><font style="display: inline;">1</font><font style="display: inline;">, 2019</font></p>
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  						<font style="display: inline;color:#000000;">/s/&nbsp;Martin&nbsp;Mucci</font></p>
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  						<font style="display: inline;color:#000000;">President&nbsp;and Chief&nbsp;Executive&nbsp;Officer</font></p>
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  						<font style="display: inline;">August </font><font style="display: inline;">1</font><font style="display: inline;">, 2019</font></p>
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  						<font style="display: inline;color:#000000;">/s/&nbsp;Efrain&nbsp;Rivera</font></p>
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  						<font style="display: inline;color:#000000;">Senior&nbsp;Vice&nbsp;President,&nbsp;Chief&nbsp;Financial&nbsp;Officer,&nbsp;and&nbsp;Treasurer</font></p>
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metadata_filer: {"company-data": {"conformed-name": "PAYCHEX INC", "cik": "0000723531", "assigned-sic": "8700", "irs-number": "161124166", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11330", "film-number": "19993015"}, "business-address": {"street1": "911 PANORAMA TRAIL S", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397", "phone": "5853856666"}, "mail-address": {"street1": "911 PANORAMA TRAIL SOUTH", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397"}}
text: PAYX-7.31.19-8-K
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  ﻿
  FORM 8-K
  ﻿
  CURRENT REPORT
  ﻿
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  ﻿
  Date of Report: July
  31
  , 2019
  (Date of earliest event reported)
  ﻿
  PAYCHEX, INC.
  (Exact name of registrant as specified in its charter)
  ﻿
  DELAWARE
  0-11330
  16-1124166
  (State or other jurisdiction
  of incorporation)
  (Commission
  File Number)
  (IRS Employer
  Identification Number)
  ﻿
  ﻿
  ﻿
  911 PANORAMA TRAIL SOUTH,
  ROCHESTER, NEW YORK
  14625-2396
  (Address of principal executive offices)
  (Zip Code)
  ﻿
  (585) 385-6666
  (Registrant's telephone number, including area code)
  ﻿
  N/A
  (Former name or former address, if changed since last report.)
  ﻿
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  ﻿
  ﻿
  ﻿
  ☐
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ☐
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ☐
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ☐
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  ﻿
  Securities registered pursuant to Section 12(b) of the Act:
  ﻿
  Title of each class
  Trading Symbol(s)
  Name of each exchange on which registered
  Common Stock, $0.01 par value
  PAYX
  Nasdaq Global Select Market
  ﻿
  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (
  §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
  ﻿
  Emerging growth company
  ☐
  ﻿
  If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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  ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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  On
  July
  31
  , 2019, Paychex
  of New York LLC, a Delaware limited liability company (the "Company"), and Paychex, Inc., a Delaware corporation (the "Parent"), entered into a credit agreement with a group of lenders which establi
  shes a new five-year, unsecured,
  revolving credit facility (the "Five-Year Facility") in favor of the Company in the original aggregate principal amount of up to $1.0 billion.  JPMorgan Chase Bank, N.A. acts as Administrative Agent, and PNC Bank, N.A. acts as Syndication Agent for the Five-Year Facility.  The Five-Year Facility replaces the Company's $1.0 billion five-year
  ,
  unsecured
  ,
  revolving credit facility which the Company and the Parent entered into on August 5, 2015 and which was terminat
  ed on July
  31
  , 2019
  (the "Replaced 2015 Facility").
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  The existing $500 million five-year unsecured credit facility which the Company entered into on August 17, 2017, the existing $150 million four-year unsecured revo
  lving credit facility which Payc
  hex Advance LLC, a subsidiary of the Parent, entered into on March 17, 2016
  ,
  the existing $400 million of 4.07% Senior Notes, Series A and the existing $400 million of 4.25% Senior Notes, Series B, which the Company issued all pursuant to a note purchase and guarantee agreement, dated as of January 9, 2019, will continue to remain in full force and effect.
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  Two borrowing options will be available under the Five-Year Facility: (i) a revolving loan option and (ii) a swingline loan option. Both the revolving credit and swingline loan options are provided on a committed basis.  Amounts borrowed and repaid may be re-borrowed subject to availability under the Five-Year Facility. The Five-Ye
  ar Facility matures on July 31
  , 2024 at which time all borrowings thereunder will terminate.
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  Any loan (including any swingline loan) comprising an ABR borrowing under the Five-Year Facility will bear interest at the alternate base rate plus the applicable rate.  Any loans comprising each Eurocurrency borrowing under the Five-Year Facility shall bear interest at the adjusted LIBO rate for the interest period in effect for such borrowing plus the applicable rate. If any principal of or interest on any loan or any fee or other amount payable by the Company is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest at a rate per annum equal to (i) in the case of overdue principal of any loan, 2% plus the rate otherwise applicable to such loan as provided or (ii) in the case of any other amount, 2% plus the rate applicable to the ABR loans.  Accrued interest on each revolving loan shall be payable in arrears on each interest payment date and upon termination of the commitment.
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  In addition, the Company will pay a commitment fee, payable quarterly in arrears, and calculated at an applicable rate based upon the daily unused amount of the Five-Year Facility during the period from and including the effective date of the Five-Year Facility to but excluding the date on which the commitments for the Five-Year Facility terminate.
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  The other terms of the Five-Year Facility are substantially similar to the terms of the Replaced 2015 Facility, including customary covenants which, among other things,
  include certain
  restrict
  ions
  on
  the Parent's and its subsidiaries
  ability
  to borrow, to grant liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers and transfers of all or substantially all of their respective assets.
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  The Five-Year Facility contains customary events of default that would permit the lenders to accelerate the loans, which events of defaults include, among other things, the failure to make timely payments under the Five-Year Facility or other material indebtedness, the failure to satisfy covenants and specified events of bankruptcy and insolvency.
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  The Parent and certain of its subsidiaries have guaranteed the payment by the Company of all indebtedness and obligations of the Company under the Five-Year Facility.  Borrowings under the Five-Year Facility may be used for general corporate purposes.
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  The Five-Year Facility is led by JPMorgan Chase Bank, N.A. and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. and Wells Fargo Bank, N.A. are Co-Documentation Agents for the Five-Year Facility.
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  Certain lenders under this credit facility, and their respective affiliates, have performed, and may in the future perform for us, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses.
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  Terms used herein and not otherwise defined have the meanings given to them in the credit agreement which evidences the Five-Year Facility. The foregoing description of the terms and conditions of the Five-Year Facility do not purport to be complete and are qualified in their entirety by reference to the full text of the Five-Year Facility filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
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  TEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
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  The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
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  TEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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  Exhibit
  Description
  Exhibit 10.1
  Five-Year Credit Agreement, dated as of July 31, 2019, by and among the Company, the Parent, and the lender parties thereto.
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  SIGNATURES
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  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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  PAYCHEX, INC.
  Date:
  August
  1
  , 2019
  /s/ Martin Mucci
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  Martin Mucci
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  President and Chief Executive Officer
  Date:
  August
  1
  , 2019
  /s/ Efrain Rivera
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  Efrain Rivera
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  Senior Vice President, Chief Financial Officer, and Treasurer
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