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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.