TCV to Buy $200M in Convertible Bonds from Netflix

Technology Crossover Ventures has agreed to buy $200 million in convertible bonds from streaming video service Netflix (Nasdaq: NFLX), according to a regulatory filing made by Netflix on Monday.

Netflix’s shares closed at $74.47 on Monday and were off about 6% in after hours trading as of 5:30 p.m. EST.

The filing states: “On November 21, 2011, we entered into a Note Purchase Agreement with funds affiliated with Technology Crossover Ventures, or TCV, related to the proposed issuance of $200.0 million aggregate principal amount of Zero Coupon Convertible Subordinated Notes due 2018 (the “Convertible Notes”).” — Lawrence Aragon