DraftKings has launched a USD 600 million (ca. EUR 518 million) senior secured term loan B. The money will partly fund repurchases of convertible notes due in 2028. The DraftKings credit facilities also include a larger revolving credit line.

• The USD 600 million term loan will partly fund repurchases of DraftKings’ 2028 convertible notes, subject to market conditions. Other proceeds can be used for general corporate purposes. The financing still needs to meet market and other conditions.
• DraftKings has also secured commitments for a USD 750 million (ca. EUR 647 million) revolving facility maturing in 2031. It will replace its current USD 500 million (ca. EUR 432 million) facility due in 2029. DraftKings expects the new credit line to remain largely undrawn at closing.
• The DraftKings credit facilities increase revolving capacity by USD 250 million (ca. EUR 216 million) and extend the maturity by two years. The new revolver is mainly intended to provide additional liquidity. Borrowings can also be used for general corporate purposes.
• DraftKings operates sports betting, iGaming, fantasy sports, prediction markets and lottery services. Its sportsbook is available in 30 US states, Washington, D.C., Puerto Rico and parts of Canada. The company also owns Golden Nugget Online Gaming and Jackpocket.

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