New Issue: Netflix prices $400 million 10-year bullet at par to yield 5¾%

By Paul A. Harris

Portland, Ore., Feb. 4 - Netflix, Inc. priced a $400 million issue of non-callable 10-year senior notes (Ba3/BB-/) at par to yield 5¾% on Tuesday, according to a syndicate source.

The yield printed on top of yield talk.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC were the joint bookrunners.

The Scotts Valley, Calif.-based provider of on-demand internet streaming media plans to use the proceeds for general corporate purposes.

Issuer:	Netflix, Inc.
Amount:	$400 million
Maturity:	March 1, 2024
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC
Co-manager:	Allen & Co.
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	313 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	Feb. 4
Settlement date:	Feb. 19
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5¾% area
Marketing:	Quick to market

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