(Bloomberg) —Netflix Inc. is selling bonds as it continues to bolster its original content in the face of expanding competition.

The company is offering around $2 billion of bonds between dollars and euros, according to a statement Monday. The proceeds of the sale will be used for general corporate purposes, which may include content acquisitions, production and development and potential acquisitions.

The dollar-denominated 10.5-year bonds, which can’t be bought back, may yield around 5.125%, while the euro notes could pay in the high 3% range, according to people with knowledge of the matter, who asked not to be identified as the details are private. Given Netflix’s current trading levels, it could realize a blended coupon rate of less than 4.25%, according to Bloomberg Intelligence analyst Stephen Flynn.

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Netflix is issuing debt after reporting earnings that beat analyst estimates and saw overseas growth that helped sooth investors’ concerns about a slowdown at home. The company burned through $551 million of cash in the third quarter and is “slowly” moving toward becoming free cash flow positive, Chief Executive Officer Reed Hastings said in a letter to shareholders last week. In the meantime, Netflix will continue to tap the high-yield market for its investment needs, he said.

The Los Gatos, California-based company reiterated expectations to burn through $3.5 billion in cash this year as the war for content heats up. It’s been raising prices — often at the expense of subscriber gains — in some of its largest territories, trying to shift toward profitability as streaming service competition mounts from companies such as Walt Disney Co., AT&T Inc. and Apple Inc.

Netflix has historically relied on the high-yield bond market to finance its growth, typically issuing debt following its first- and third-quarter earnings in April and October, respectively. Its debt load, including operating lease liabilities, has steadily grown to around $13.5 billion since first tapping the market in 2009, according to data compiled by Bloomberg.

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What Bloomberg Intelligence Says

“Netflix may issue new junk bonds for several more years as proceeds from debt sales fuel not only free-cash-flow deficits, but also repayment of bond principal. While Netflix may not produce free cash flow until 2023, it must address a $500 million bond principal in 2021 and another $700 million in early 2022.”

–Stephen Flynn, corporate credit analyst

The company last borrowed $2.24 billion of junk bonds in April, and said that it would reduce its reliance on debt financing at the time. CEO Hastings walked back that language in a July letter to shareholders, saying Netflix planned to still use the high-yield market to fund content investments.

Netflix’s bonds were little changed in New York trading on Monday. The stock closed 1% higher at $278.05.

Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., Deutsche Bank AG and Wells Fargo & Co. are managing the bond sale, according to a separate person with knowledge of the matter. The notes are expected to price Tuesday, the person said, asking not to be identified as the details are private.