Note converts at $85.80 per share; Technology Crossover is investor
By Devika Patel
Knoxville, Tenn., Nov. 21 - Netflix, Inc. arranged a $200 million private placement of 0% senior convertible notes due Dec. 1, 2018 with Technology Crossover Ventures on Nov. 21, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is initially converts to common stock at a rate of 11.6553, or about $85.80 per share. The conversion price is a 9.92% premium to the Nov. 18 closing share price of $78.06. The company may force conversion after six months.
Netflix is a Los Gatos, Calif.-based movie rental company.
| Issuer: | Netflix, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $200 million
|
| Maturity: | Dec. 1, 2018
|
| Coupon: | 0%
|
| Conversion rate: | 11.6553
|
| Conversion price: | $85.80 (approximate)
|
| Conversion premium: | 9.92%
|
| Call: | After six months
|
| Warrants: | No
|
| Investor: | Technology Crossover Ventures
|
| Pricing date: | Nov. 21
|
| Stock symbol: | Nasdaq: NFLX
|
| Stock price: | $74.47 at close Nov. 21
|
| Market capitalization: | $3.91 billion
|
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