Netflix boosts bond size as it tools up for content competition

By Karoliina Liimatainen
24 Oct 2019

Streaming giant Netflix sold a $2.2bn 10.5-year bond euros and dollars this week, as it prepares to battle Disney and Apple for content. The unsecured senior notes come with a non-call life clause, offered to investors as a carrot, which helped get the deal size up from the announced $2bn issue.

The new Netflix notes were rated BB-/Ba3, and split between €1.1bn and $1bn tranches, with the currency split determined during bookbuilding. The euros came at 3.625% from 3.875% talk, while the dollars came at 4.875% from 5.125% area talk.

Morgan Stanley, Goldman Sachs, JP Morgan, Deutsche Bank and ...

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