DraftKings Inc. successfully closed its senior secured term loan B credit facility, increasing the aggregate principal amount to $600 million from the previously announced $500 million. The upsizing was attributed to strong demand from the market, indicating confidence in the company's financial health and prospects.
The Term Loan B will mature in March 2032 and carries an interest rate equal to the Secured Overnight Financing Rate (SOFR) plus 1.75% per annum. The loan was offered at 99.50% of par and requires annual repayment of 1.00% of its aggregate principal amount.
The net proceeds from this upsized facility will be utilized for general corporate purposes, providing DraftKings with enhanced financial flexibility. This successful financing event supports the company's ongoing operations, strategic investments, and overall growth trajectory in the competitive digital gaming market.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.