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Netflix prices $200 million senior notes offering
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LOS GATOS, Calif. - Netflix Inc. on Tuesday priced a senior notes offering.
The DVD-by-mail company said it will sell $200 million aggregate principal amount of its 8.5 percent senior notes due 2017 to qualified institutional buyers.
The offering is expected to close Friday.
The notes will be senior unsecured obligations of Netflix. Interest will be payable semiannually at a rate of 8.5 percent per year on May 15 and Nov. 15.
Netflix plans to use the proceeds to repay all outstanding amounts under and terminate its credit agreement, and for possible future stock buybacks and general corporate purchases.
Netflix shares added 15 cents to $53.94 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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