Netflix prices $1 billion of 5.25% senior notes due 2036 to repay 2026 maturity

Netflix sold $1 billion of 5.250% senior unsecured notes due 2036 in a registered offering, with the underwriting agreement dated July 20, 2026. The proceeds will mainly repay its 4.375% notes that mature in November 2026, so total debt is roughly unchanged. The deal is a refinancing rather than new borrowing.

• $1B principal, 5.250% coupon, due 2036
• Proceeds to repay the 4.375% notes due 2026 at maturity; rest for general corporate purposes
• Underwriters: BNP Paribas, Morgan Stanley, RBC Capital Markets and Wells Fargo; closing July 22