DraftKings Upsizes Term Loan B, Refinances Revolving Credit Line

Dow Jones08-26 04:47

DraftKings closed a $700 million senior secured Term Loan B credit facility, up from the $600 million initially launched, the company says. The company plans to use proceeds to repurchase a portion of convertible notes due 2028 issued by subsidiary DraftKings Holdings Inc. The Term Loan B will mature in August 2033. DraftKings also said it closed a new $750 million senior secured revolving credit facility, replacing its existing $500 million revolver set to mature in November 2029. The new facility extends the maturity to August 2031. DraftKings intends to use the borrowings for general corporate purposes, the company said.

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