DraftKings today announced that it has successfully closed on its senior secured term loan B credit facility in an aggregate principal amount of $600 million (the “Term Loan B”).

The size of the Term Loan B was increased from the previously announced $500 million aggregate principal amount due to strong demand.

The Term Loan B will mature in March 2032 and has an interest rate equal to the Secured Overnight Financing Rate (SOFR) plus 1.75% 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 will utilize the net proceeds of the Term Loan B for general corporate purposes.