DraftKings (DKNG) said Tuesday it has closed a $600 million senior secured term loan B credit facility, upsized from an initial $500 million.
The facility is set to mature in March 2032 and carries an interest at secured overnight financing rate plus 1.75% per year.
The facility was issued at 99.50% of par and requires annual repayments of 1.00% of the total principal amount, the company said.
DraftKings said it will use the net proceeds from the facility for general corporate purposes.
Shares of DraftKings were down more than 4% in recent trading.
Price: 39.68, Change: -1.92, Percent Change: -4.60
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