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Netflix in April sold $1.6 billion in debt, after raising $1.9 billion in November 2017, bringing their total debt to $8.4 billion, the majority of which has been raised in the past three years. Its long-term debt as a percentage of total capital has roughly doubled to 65 percent since the end of 2014. Bumper quarterly results last week, driven by gains in international subscribers, again eased concerns that the leader in global streaming is running out of space to expand in developed markets where it can target a mass audience at profitable prices.

But while Netflix still has huge potential in emerging markets like India, some brokerages have begun to draw attention to the overall high cost it is paying as an enterprise to gain more users, “This is further proof of Netflix’s need for capital to fund short-term operations and content capex,” Richard Miller, founder and managing partner at Gullane Capital, which is short the equity, “It shows they are further than ever from being free australian coin cufflinks hand painted | uk cash flow positive,” he said..

Prices on Netflix’s existing debt dropped across the board on Monday, with the biggest drops in a bond coming due in 2026, down by about 3 cents to 91.5 cents on the dollar. Its eurobond coming due in 2028 also dropped nearly 3 cents to 91.95 cents on the dollar. Bearish bets against Netflix’s existing $8.4 billion of junk-rated bonds have more than tripled this year to an all-time high of $347 million, Reuters reported last week. Some 27 of the 43 brokerage analysts that cover Netflix continue to back the stock with “buy” ratings, compared to just three with “sell” ratings, although its shares have slipped back since last week’s results.

That shows most have now given it the benefit of the doubt on a shortfall in subscriber numbers in the second quarter, and the company has also cut its projection for negative cash flow to closer to $3 billion from a previously projected minus $4 billion, Moody’s Investors Service has assigned a rating of Ba3 to the new notes, three notches into junk territory, which is the same rating the agency has given the company as a whole, Standard & Poor’s rated the proposed debt issue at ‘BB-‘ and ‘3’ recovery rating, The recovery rating indicates a meaningful recovery of about 65 australian coin cufflinks hand painted | uk percent of principal in the event of a payment default..

It said the rating reflected the company’s improving underlying profit margins over the last 12 months, driven in part by price increases and subscriber growth. “These factors demonstrate the strength of the company’s business model and its ability to expand globally, increase margins and manage its increasing debt burden,” S&P said. The new debt will be senior unsecured notes denominated in dollars and euros. The company is now trading at nearly 115 times forward earnings, making it the second costliest of the FAANG group of major tech bets after Amazon.com’s 160 times, according to Refinitiv data.

TOKYO (Reuters) - U.S, healthcare conglomerate Johnson & Johnson (JNJ.N) said australian coin cufflinks hand painted | uk on Tuesday it will buy all outstanding shares of Japanese skincare firm Ci:z Holdings Co Ltd 4924.T that it does not already own for 230 billion yen ($2.05 billion) in cash, J&J is betting the deal - which will give it ownership of popular brands such as Dr.Ci:Labo, Labo Labo and Genomer - will help it strengthen its international innovation pipeline, The purchase adds to a flurry of cosmetics deals in Asia in recent years, as global brands seek to expand in a booming region that includes the $53.5 billion China market by leveraging Asian brands’ smart online marketing and fast turnaround times for new products..

France’s L’Oreal SA (OREP.PA) agreed to buy South Korean makeup and fashion firm Nanda in May, and Unilever NV (UNc.AS) bought cosmetics firm Carver Korea for $2.7 billion last year. LVMH (LVMH.PA) and Estee Lauder Companies Inc (EL.N) have also invested in South Korean cosmetics firms. J&J will pay 5,900 yen per Ci:z share, a 55 percent premium over Tuesday’s closing price, and also acquire the shares owned by the Japanese firm’s founder Yoshinori Shirono, J&J said in a statement.

CIC Corp, the founder’s ownership vehicle, is the biggest shareholder of the dermo-cosmetics specialist with a 27.96 percent interest, showed Refinitiv data, J&J is the second-largest shareholder, owning 19.9 percent through an affiliate since 2016, allowing it to distribute Ci:z’s brands outside of Japan, J&J expects the full acquisition will help it leverage the large consumer database of the collagen gel and medical skin products maker, “This transaction will maximise value australian coin cufflinks hand painted | uk creation ., by bringing in an agile innovation model and rapidly accelerating sales through our global commercialization expertise,” Jorge Mesquita, worldwide chairman at Johnson & Johnson’s consumer division, said in the statement..

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