Netflix Inc. sold $1.6 billion of bonds, its largest-ever dollar-denominated sale, to help it develop and produce new hit series like "Stranger Things."

The 10.5-year junk-rated notes, which can't be bought back, yield 4.875%, within the range of initial talk of between 4.75% and 5%, according to a person with knowledge of the matter, who asked not to be identified because the details are private.

The world's largest online television service is burning through cash as it invests in programming to fuel subscriber growth. Investors have clamored for the company's debt as extremely low interest rates on government bonds prompt them to buy riskier and higher-yielding assets. That allowed the home of "Master of None" and "House of Cards" to boost the size of a euro-denominated offering in April.