Netflix talks $200 million offering of eight-year senior notes at 8½% area with 0-2 points OID

By Paul A. Harris

St. Louis, Nov. 2 - Netflix, Inc. set price talk for its $200 million offering of eight-year senior unsecured notes (Ba2/BB-) at the 8½% area with zero points to 2 points of original issue discount, an informed source told Prospect News on Monday.

Pricing is set for Tuesday morning.

J.P. Morgan Securities Inc. has the books for the offering of notes, which is being placed via Rule 144A and Regulation S with registration rights.

The notes come with four years of call protection.

Proceeds will be used to terminate the Los Gatos, Calif.-based movie rental company's credit facilities and for general corporate purposes.

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