Netflix Inc. is planning to raise another $2 billion in debt as it moves to gain the financing needed for new content as the battle for streaming customers heats up with a slate of offerings on tap.

Netflix NFLX, -0.19%  said it plans to issue junk-rated bonds denominated in dollars and euros. It did not specify maturities but said it would use the proceeds for a range of purposes, including content, production and development and potential acquisitions.

The company is facing highly competitive offerings from deep-pocketed rivals Walt Disney Co. DIS, +1.64%  and Apple Inc. AAPL, -0.23%  that will launch in November. Disney-plus is priced at just $6.99 a month compared with the $8.99 Netflix charges for its basic plan, and will include its entire library of films and TV shows, including the Marvel and Star Wars franchises. Comcast Corp.'s CMCSA, +0.18%  NBCUniversal will also pull some of its existing content from Netflix once licensing agreements expire, including "Friends" and "The Office," which have proved popular with a millennial audience.