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25.08.26 - 22:18
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DraftKings Announces Closing of $700 Million Upsized Term Loan B Facility and $750 Million Revolving Credit Facility (Business Wire)
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BOSTON--(BUSINESS WIRE)--DraftKings Inc. (Nasdaq: DKNG) (the “Company” or “DraftKings”) today announced that it has successfully closed on its previously announced (i) $700 million senior secured term loan B credit facility (the “Term Loan B”) and (ii) $750 million senior secured revolving credit facility (the “New Revolving Facility”), which replaced its existing $500 million senior secured revolving credit facility that was scheduled to mature in November 2029.
The aggregate principal amount of the Term Loan B was increased to $700 million from the previously announced $600 million due to strong demand. The Term Loan B will mature in August 2033 and has an interest rate equal to the Secured Overnight Financing Rate plus 2.00% per annum. The Term Loan B was offered at 99.50% of par and is required to be repaid at 1.00% of its aggregate principal amount per annum. DraftKings intends to utilize the net proceeds of the Term Loan B for repurchases of a portion of the outstanding Convertible N...
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17.08.26 - 13:18
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DraftKings Announces Launch of $600 Million Term Loan B Facility and Upsized $750 Million Revolving Credit Facility (Business Wire)
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BOSTON--(BUSINESS WIRE)--DraftKings Inc. (Nasdaq: DKNG) (the “Company” or “DraftKings”) today announced the launch of syndication for a proposed senior secured term loan B credit facility (the “Term Loan B”) in an aggregate principal amount of $600 million. DraftKings intends to utilize the net proceeds of the Term Loan B for repurchases of a portion of its existing Convertible Notes due 2028 (subject to availability and market conditions) and other general corporate purposes.
In connection with the Term Loan B, DraftKings has launched syndication of, and secured commitments for, a new $750 million senior secured revolving credit facility maturing in 2031 (the "New Revolving Facility") to enhance liquidity and provide additional financial flexibility, which will replace its existing $500 million senior secured revolving credit facility maturing in 2029. DraftKings intends to utilize borrowings under the New Revolving Facility for general corporate purposes; however, the Company expec...
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10.08.26 - 16:06
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DraftKings After Earnings: Buy, Hold, or Run? (24/7 Wall St.)
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DraftKings just posted its worst margin quarter in years while simultaneously launching a business growing five times faster than its core sportsbook ever did. One of those stories is going to dominate the next 90 days, and the NFL season will decide which....
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