Netflix raises $1.5bn more debt
April 23, 2018
Netflix has announced that it intends to offer, subject to market and other considerations, $1.5 billion worth of senior notes through an offering to qualified institutional buyers.
Netflix intends to use the net proceeds from this offering for general corporate purposes, which it says may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions.
Meanwhile, Netflix said CEO Reed Hastings is expected to get more stock as part of his compensation package in 2018 than he received in 2017. In an SEC filing, Netflix said Hastings will get an annual stock option allocation worth $28.7 million plus a monthly stock allocation of $2.391 million in 2018. In 2017, he got total compensation of $24.4 million, including $23.527 million in stock option awards.
Hastings’ annual salary will decline to $700,000 from $850,000 in 2017 and $900,000 in 2016.
Ted Sarandos, chief content officer at Netflix, is expected to get a $12 million salary for 2018, plus an annual stock allocation of $14.250 million and monthly stock allocations of $1.187 million. In 2017, his salary was $1 million but his total compensation was $122.4 million.