04/23/2020 Netflix Inc (NFLX) approx $1bn equivalent (USD and EUR) (will not grow) 144A/Reg S sr notes 2-part due June 15, 2025 (5y). NCL (MWC T/B+50bp) (3mo par call). Ba3/BB-(positive/stable). Via MS/GS/JPM/DB/WFS joint books. No reg rights. Settles April 28 (T+3). (Approx 50/50 tranche split was expected).
- USD500m. 144A CUSIP: 64110LAY2. IPT: US$ 4.00%-4.125%. Px talk: 3.75% area. Expect to price at 3.625%. Priced: 3.625% at 100. +323bp vs 2.875% May 2025.
- EUR470m. Reg S ISIN: XS2166217435. IPT 3.50% area. Px talk 3.25% area. Final pxg: 3.00%. Priced: 3.00% at 100. +362bp vs DBR 1$ Aug 2025.
Did investor call at 12:00pm NYT 04/22. EUR books closes at 3:15pm UKT. US$ books closed at 10am NYT 04/23. UOP: GCP, including content acquisitions, production and development, capex, investments, working capital and potential acquisitions and strategic transactions. Biz: internet entertainment service and on-line video rentals. HQ: Los Gatos, CA.