Netflix, Inc. NFLX
today announced the pricing of an offering of $400 million aggregate principal
amount of its 5.750% senior notes due 2024 (the "Notes"). 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 February 19,
2014, subject to the satisfaction of customary closing conditions. Interest
on the Notes will accrue at a rate of 5.750% per year, and will be payable in
cash semi-annually in arrears, beginning on September 1, 2014.
The Notes will mature on March 1, 2024, 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 intends to use the net proceeds from this offering for general
corporate purposes, including capital expenditures, investments, working
capital and potential acquisitions and strategic transactions.
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