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.
The world's largest online television service is burning through cash as it invests in programming to fuel subscriber growth.
Investors have clamoured for the company's debt as extremely low interest rates on government bonds prompt them to buy riskier and hig…
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