Netflix Files To Sell $1.8B In Debt, Following Through On Plan Tipped In Q2 Shareholder Letter

deadline.com:

Netflix has filed to sell $1.8 million in debt, the first such offering since the company received an upgrade last year from credit ratings agencies Moody’s and S&P to investment-grade status.

The move, telegraphed in its quarterly letter to shareholders released in its earnings report this month, is designed to make Netflix’s long-term debt of $12.2 billion a bit more manageable.

Overall, the company has evolved in recent years from a money-losing concern to the owners of one of the most enviable balance sheets in the entertainment business.

The last time it raised funds via a debt sale was in April 2020, at the start of the Covid pandemic. “We have $1.8B of debt maturities in the next twelve months, which we plan to refinance,” the company wrote in the shareholder letter.