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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.

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