$DKNG (DRAFTKINGS) — 8-K: DraftKings closes $700M upsized Term Loan B and $750M revolving credit facility

DraftKings closed a $700 million senior secured term loan B credit facility, upsized from $600 million due to strong demand, and a $750 million senior secured revolving credit facility. The new revolving facility replaces a $500 million facility that was scheduled to mature in November 2029. The Term Loan B matures in August 2033, carries an interest rate of SOFR plus 2.00% per annum, and was offered at 99.50% of par. DraftKings intends to use net proceeds for repurchases of a portion of its outstanding Convertible Notes due 2028 and other general corporate purposes.

DraftKings closed a $700 million senior secured term loan B credit facility, upsized from $600 million due to strong demand, and a $750 million senior secured revolving credit facility. The new revolv