Netflix talks dollar senior notes to yield in 3¾% area; $1 billion equivalent to price Thursday

By Paul A. Harris

Portland, Ore., April 22 – Netflix Inc. plans to price $1 billion equivalent of five-year senior bullet notes (Ba3/BB-) on Thursday, according to market sources.

The deal features a tranche of dollar-denominated notes talked in the 3¾% area, tighter than the 4% to 4 1/8% early guidance. Books for the dollar-denominated notes close at 10 a.m. ET on Thursday.

The deal also features a tranche of euro-denominated notes with early guidance in the 3½% area. Official talk on the euro-denominated notes will be announced on Thursday morning.

Tranche sizes remain to be determined.

Morgan Stanley & Co. LLC is the left lead bookrunner for the Rule 144A and Regulation S with registration rights deal. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes will be callable by means of a make-whole call at Treasuries plus 50 basis points until three months prior to maturity, after which they become callable at par. They are otherwise non-callable.

The Los Gatos, Calif., based media services provider plans to use the proceeds for general corporate purposes.

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