Netflix sells US$1.6b of junk bonds to fund more shows

New York

NETFLIX Inc sold US$1.6 billion of bonds, its largest-ever US dollar-denominated sale, to help it develop and produce new hit series such as Stranger Things.

The 10.5-year junk-rated notes, which cannot be bought back, yield 4.875 per cent, within the range of initial talk of between 4.75 per cent and 5 per cent, according to a person with knowledge of the matter, who asked not to be identified because the details are private.