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Netflix Prices $1.6B High Yield Bond Offering to Yield 4.875%

Netflix (Nasdaq: NFLX) has completed a $1.6 billion offering of 10.5-year bullet notes at the middle of price talk, sources said. Bookrunners for the deal were Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, and Wells Fargo. Proceeds will be used to fund general corporate purposes, which may include may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions. The streaming services giant plans to spend $7-8 billion on content during 2018, according to its third quarter 2017 earnings release. The Los Gatos, Calif.–based company was last in the market in April with a €1.3 billion offering of 3.625% unsecured notes due 2027. The company last tapped the U.S. bond market in October 2016 with $1 billion of 4.375% notes due 2026. Terms:

Issuer Netflix
Ratings B+/B1
Amount $1.6 billion
Issue Senior (144A/Reg S for life)
Coupon 4.875%
Price 100
Yield 4.875%
Spread T+256
Maturity April 15, 2028
Call non-call life
Trade Oct. 23, 2017
Settle Oct. 26, 2017 (T+3)
Bookrunners MS/GS/JPM/DB/WF
Price talk 4.75-5%
Notes Make-whole @ T+50; change of control put @ 101;

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This story was excerpted from a full analysis on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.