Netflix Co-founder, Chairman & CEO Reed Hastings attends Q&A during Transatlantic Forum as part of Series Mania Lille Hauts de France festival on May 3, 2018 in Lille, France.

Netflix is fueling its ballooning cash burn with $2 billion in new debt.

The company announced Monday it intends to issue a new round of notes for "general corporate purposes, which may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions."

Shares of Netflix fell as much 3 percent Monday, but erased most of those losses to close roughly 1 percent down.

The $2 billion adds to the growing debt burden on Netflix's balance sheet. The company reported almost $12 billion in total debt as of Sept. 30.

At the same time, Netflix is burning cash at faster and faster rates.

In its third-quarter earnings report last week, the company reported negative free cash flow of $859 million. The company said it expects a negative free cash flow of $3 billion for 2018.