Netflix will be shoring up its balance sheet with an additional $400 million, the company announced tonight.

Netflix is raising $200 million through the sale of zero coupon convertible notes.

Technology Crossover Ventures will be buying the notes, and have the right to nominate one person to the board of Netflix.

The notes are convertible into Netflix common stock at $85.80 per share.

Five months ago, Netflix’s stock was trading at nearly $300 a share.

Additionally, Netflix has sold $200 million worth of stock to T. Rowe Price.

via More Bad News For Netflix: It’s Raising $400 Million At A Demolished Stock Price.