DraftKings Inc. announced the closing of its upsized $700 million senior secured term loan B facility and a new $750 million senior secured revolving credit facility, which replaces its existing $500 million facility. The term loan, increased from $600 million due to strong demand, matures in August 2033 and bears interest at SOFR plus 2.00% per annum. Proceeds from the term loan will be used to repurchase a portion of its outstanding Convertible Notes due 2028 and for general corporate purposes, while the revolving facility supports general corporate needs. The new revolving facility matures in August 2031.
DraftKings IncDraftKings closed a $700M term loan and $750M credit facility, refinancing debt and boosting liquidity.
