DraftKings announced the launch of syndication for a proposed senior secured term loan B credit facility in an aggregate principal amount of $600M.

DraftKings intends to utilize the net proceeds of the Term Loan B for repurchases of a portion of its existing Convertible Notes due 2028 and other general corporate purposes.

In connection with the Term Loan B, DraftKings has launched syndication of, and secured commitments for, a new $750M senior secured revolving credit facility maturing in 2031 to enhance liquidity and provide additional financial flexibility, which will replace its existing $500M 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 expects the New Revolving Facility to remain substantially undrawn at closing.