What is the balance sheet impact of the$400 million Netflix just borrowed?

In February 2014, Netflix (Links to an external site.) took out a 100 million loan (Links to an external site.). Netflix is using these funds to help to create original programming, such as its hit series House of Cards (Links to an external site.), and to expand to Europe.

Netflix is a publicly-held company trading on NASDAQ under the symbol NFLX. On March 10, 2014, Netflix common stock was selling for about 138.38 per share. As of December 31, 2012 (Links to an external site.), Netflix had more than 55,587,000 shares of common stock outstanding.

Questions

What is the impact on Netflixs accounting equation from borrowing the 400 million?

Rather than borrowing the 400 million, Netflix could have issued common stock. Using the market price given in the article, how many shares of common stock would Netflix had to have issued to realize 400 million (ignore underwriting and broker fees)?

What are some possible reasons that Netflix chose to borrow the 400 million rather than issue stock?