The world's largest online television network sold $1.9 billionof senior bonds in its largest-ever dollar-denominated offering.That was up from a planned $1.5 billion, according to a statementMonday. The 10.5-year notes yield 5.875 percent, within theinitially discussed range of 5.75 percent to 6 percent, accordingto people with knowledge of the matter, who asked not to beidentified because the details are private.

Netflix's sale follows a quarter in which it added 7.41 millionsubscribers, its strongest start to a year since going public 16years ago. Moody's Investors Service upgraded the company's creditratings earlier this month, citing expectations that growth willcontinue and eventually turn its cash flows positive. In an April13 report, Bloomberg Intelligence analyst Stephen Flynn said theupgrade may give Netflix the support to sell $2 billion of bonds toboost liquidity and pay for rising programming costs.

Even with a better credit rating, Netflix is still a junk-ratedissuer whose operations continue to burn through cash. That hasn'tseemed to bother debt investors too much, who have proven willing,time and time again, to lend to the company as it invests inprogramming to fuel subscriber growth, according to Rahim Shad, asenior analyst in high-yield credit research at Invesco Ltd.

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