DraftKings closes $700M Term Loan B and $750M revolver, up from $600M

DraftKings Inc.

Closed $700M senior secured Term Loan B due 2033, upsized from $600M on strong demand.
Term Loan B priced at 99.50% of par, SOFR + 2.00% margin, 1% annual amortization.
Net proceeds to repurchase part of 0% Convertible Notes due 2028, plus general corporate purposes.
New $750M revolving facility due 2031 replaces $500M facility previously maturing Nov 2029.
Revolver rates: Term SOFR + 1.75%-2.25% or base rate + 0.75%-1.25%, based on leverage.

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