Netflix Inc. Issues $1B 5.25% Senior Notes Due 2036

What Happened

• On July 22, 2026, Netflix completed a registered public offering of $1.0 billion principal amount of 5.250% senior unsecured notes due 2036.
• The offering was conducted under an underwriting agreement led by BNP Paribas Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities, and the notes were issued under Netflix’s indenture (Computershare Trust Company, N.A., is trustee) as supplemented by a second supplemental indenture dated July 22, 2026.
• The company stated it intends to use net proceeds to repay its outstanding 4.375% Senior Notes due 2026 at their maturity and for general corporate purposes. Netflix filed related documents (underwriting agreement, supplemental indenture and legal opinion) as exhibits to the Form 8‑K.

Key Details

• Principal amount: $1.0 billion.
• Coupon: 5.250% interest.
• Maturity date: 2036 (notes issued July 22, 2026).
• Use of proceeds: repayment at maturity of outstanding 4.375% Senior Notes due 2026 and general corporate purposes.
• Underwriting representatives: BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC.
• Issuance pursuant to Netflix’s Form S‑3ASR registration (File No. 333‑281071).

Why It Matters

• This transaction creates $1.0B of long‑term debt maturing in 2036 and reflects Netflix’s plan to refinance or replace near‑term obligations (the 4.375% notes due 2026) using the new offering’s proceeds.
• Investors should note the changed maturity profile of the company’s debt and the fixed 5.25% interest cost on this issuance; related documents and the company’s statements are included in the Form 8‑K exhibits.