Netflix (NFLX  ), the American multinational entertainment company known for its on-demand video streaming service, announced that it is raising $1 billion through a new debt offering. The offering was upsized from an aggregate principal amount of $800 million originally announced October 24th. In announcing the offering, 

Netflix also issued a statement, expressing intentions to use the funds "for general corporate purposes," including content acquisitions, investments, working capital, and potential acquisitions and strategic transactions.

As of September 30, Netflix had $2.37 billion in long-term debt, and the new offering brings its debt to over $3 billion.

Netflix's streaming-content obligations at the end of the third quarter of 2016 were $14.4, up $1 billion sequentially as a result of expanded rights for new territories and the adding both new original and non-original content to its library. 

Because Netflix is targeting about 50% of the TV shows and movies on its service to be original productions, a significant portion of its spending is related to content. In 2017, content spending is expected to be about $6 billion on a profit-and-loss basis. With the huge success of Netflix originals like "Narcos", "Orange is the New Black", "House of Cards", "Arrested Development", and "Unbreakable Kimmy Schmidt" to name a few, funding is essential for Netflix to reach its long-term goals. 

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Netflix's new debt offering will carry an interest rate of 4.375% with the senior notes due 2026. They are scheduled to mature on Nov.15, 2026. For more information regarding the offering, check out: https://ir.netflix.com/releases.cfm