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Netflix to raise $500 million debt to fund original programming

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MUMBAI: US-based global internet television network Netflix has announced the pricing of an offering of $500 million aggregate principal amount of its 5.375 per cent senior notes due 2021 to fund original programming.

The sale of the Notes is expected to close on February 1, 2013, subject to the satisfaction of customary closing conditions. Interest on the Notes will accrue at a rate of 5.375 per cent per year, and will be payable in cash semi-annually in arrears, beginning on 1 August.

The Notes will mature on 1 February, 2021, unless earlier repurchased or redeemed. Holders may require Netflix to repurchase their Notes upon the occurrence of certain change of control events at a purchase price equal to 101 per cent of the principal amount thereof plus accrued and unpaid interest, if any.

 

Netflix, which has more than 30 million members in 40 countries, will use approximately $225 million of the net proceeds from this offering to redeem its outstanding 8.50 per cent senior notes due 2017, including expenses associated with such redemption, and intends to use the remaining net proceeds for general corporate purposes, including capital expenditures, investments, working capital and potential acquisitions and strategic transactions.

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