DraftKings closes $700 million Term Loan B facility after upsizing on strong demand
DKNG•Proceeds and revolver refinancing
Proceeds are earmarked for repurchases of Convertible Notes due 2028, subject to market conditions, with the remaining funds for general corporate purposes.
DraftKings also closed a new $750 million senior secured revolving credit facility, replacing a $500 million revolver due November 2029. The new revolver matures in August 2031 and is available for general corporate purposes.
Term Loan B facility upsized and closed
DraftKings closed a $700 million senior secured Term Loan B facility, upsized from $600 million on strong demand.
The Term Loan B matures in August 2033 and was priced at SOFR + 2%. It was issued at 99.5% of par.
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