Netflix Inc said it agreed to sell $200 million worth of convertible debt to private equity firm Technology Crossover Ventures (TCV). Shares of Netflix fell 7 percent to $69.55 in extended trade following the announcement.The notes, which will not bear any interest rate, will be converted to 11.653 shares per $1,000 principal amount upon maturity on Dec. 1, 2018.At the conversion price, the company will have to issue 2.33 million shares of its common stock to the private equity firm upon maturity. That equates to a per-share price of about $85.81, or a 15 percent premium over the stock's Monday close.
Netflix, Inc. (Netflix) is an Internet subscription service streaming television shows and movies. Shares of NFLX fell by 4.6% or $-3.59/share to $74.47. In the past year, the shares have traded as low as $107.63 and as high as $304.79. On average, 6848450 shares of NFLX exchange hands on a given day and today's volume is recorded at 6105679.
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