Netflix Announces Proposed $400 Million Offering of Senior Notes

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LOS GATOS, Calif., Jan. 29, 2013 /PRNewswire/ -- Netflix, Inc. (Nasdaq: NFLX)
today announced that it intends to offer, subject to market and other
considerations, $400 million aggregate principal amount of senior notes due
2021 (the "Notes") through an offering to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and outside the United States to non-U.S. persons pursuant
to Regulation S under the Securities Act.

(Logo: http://photos.prnewswire.com/prnh/20101014/SF81638LOGO)

The interest rate, redemption provisions and other terms of the Notes will be
determined by negotiations between Netflix and the initial purchasers.

Netflix will use approximately $225 million of the net proceeds from this
offering to redeem its outstanding 8.50% senior notes due 2017, including
expenses associated with such redemption, pursuant to the make-whole provision
in the indenture governing such notes and intends to use the remaining net
proceeds for general corporate purposes, including capital expenditures,
investments, working capital and potential acquisitions and strategic
transactions.

This announcement does not constitute an offer to sell or a solicitation of an
offer to buy any of the foregoing securities, nor shall there be any offer,
solicitation or sale in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful.

The Notes have not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from such registration requirements.

SOURCE Netflix, Inc.