Netflix Co-founder, Chairman & CEO Reed Hastings attends a Q&A during a Transatlantic Forum in Lille, France.Sylvain Lefevre | Getty ImagesNetflix is raising another $2 billion in debt to fund additional content creation and other expenses, the company announced on Monday. The stock fell slightly on the news.The company routinely raises debt to help fuel its growing library of original TV shows and movies. Netflix in April offered $2 billion in new debt after issuing another round of notes several months earlier.Netflix’s cash burn is likely to continue as it faces rising competition from the launch of rival streaming platforms like Apple’s Apple TV+ and Disney’s Disney+, as well as NBCUniversal’s Peacock and WarnerMedia’s HBO Max. In its third-quarter earnings report last week, the company downplayed the threat of these new streaming services, saying its multi-billion-dollar content budget allows it to take “bold swings” on new projects when necessary.Earlier this year, Netflix said it expects its cash burn to peak in 2019 before it will start to taper off. The company reiterated that prediction in its letter to shareholders, saying it will be able to “fund more of our content spending internally,” which should result in improved free cash flow in 2020.Netflix said it plans to use the proceeds to fund “content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions.” Netflix said the interest rate, maturity date and other terms of the offering will be determined by negotiations between the company and the initial purchasers.Disclosure: NBC is part of NBCUniversal, the parent company of CNBC.