Netflix Prices $500 Million in Debt
Internet video streamer will refinance $225M in current debt
By Todd Spangler, Multichannel News -- Broadcasting & Cable, 1/29/2013 5:37:36 PMearlier in the day said it was seeking to raise $400 million in debt financing -- which it plans to use for general corporate purposes, including funding original TV series as well as "potential acquisitions and strategic transactions."
Netflix said the sale of the notes is expected to close on Feb. 1, subject to usual closing conditions. Interest on the notes will accrue at a rate of 5.375% per year, and will be payable in cash semi-annually in arrears, beginning on August 1, 2013; the Notes will mature on Feb. 1, 2021, unless earlier repurchased or redeemed.
Netflix will use $225 million of the net proceeds to redeem its outstanding 8.5% senior notes due 2017.
Click here to read the full story at Multichannel News.
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