LOS GATOS, Calif., Oct. 24, 2016 /PRNewswire/ -- Netflix, Inc.
(NASDAQ: NFLX) today announced the pricing of an offering of
$1 billion aggregate principal amount
of 4.375% senior notes due 2026 (the "Notes"). The offering
of the Notes was upsized from an originally announced aggregate
principal amount of $800 million.
The Notes are being offered to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the "Securities Act"), and outside the
United States to non-U.S. persons pursuant to Regulation S
under the Securities Act. The sale of the Notes is expected to
close on October 27, 2016, subject to
the satisfaction of customary closing conditions. Interest on the
Notes will be payable in cash semi-annually in arrears, beginning
on May 15, 2017.
The Notes will mature on November 15,
2026, 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%
of the principal amount thereof plus accrued and unpaid interest,
if any.
Netflix may redeem the Notes, in whole or in part, at a price
equal to 100% of the principal amount thereof plus a "make-whole"
premium and accrued and unpaid interest, if any.
Netflix intends to use the net proceeds from this offering for
general corporate purposes, which may include content acquisitions,
capital expenditures, investments, working capital and potential
acquisitions and strategic transactions.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy the Notes, nor shall there be any
offer, solicitation or sale in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful. The
Notes have not been registered under the Securities Act or any
state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from such registration
requirements.
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SOURCE Netflix, Inc.