DraftKings Announces Close of $600 Million Upsized Term Loan B Facility
DraftKings (DKNG) has successfully closed a $600 million senior secured term loan B credit facility, which was upsized from the initially announced $500 million due to strong market demand. The Term Loan B will mature in March 2032 and carries an interest rate of SOFR plus 1.75% per annum.
The facility was offered at 99.50% of par value and requires annual repayment of 1.00% of its aggregate principal amount. The company plans to use the net proceeds for general corporate purposes.
DraftKings (DKNG) ha chiuso con successo un prestito senior garantito di 600 milioni di dollari, che è stato aumentato rispetto ai 500 milioni inizialmente annunciati a causa della forte domanda di mercato. Il prestito scadrà nel marzo 2032 e prevede un tasso d'interesse pari a SOFR più 1,75% annuo.
La struttura è stata offerta al 99,50% del valore nominale e richiede un rimborso annuale dell'1,00% dell'importo principale complessivo. L'azienda prevede di utilizzare il ricavato netto per scopi aziendali generali.
DraftKings (DKNG) ha cerrado con éxito un préstamo senior garantizado de 600 millones de dólares, que se amplió desde los 500 millones inicialmente anunciados debido a la fuerte demanda del mercado. El préstamo vencerá en marzo de 2032 y lleva un tipo de interés de SOFR más 1,75% anual.
La instalación se ofreció al 99,50% del valor nominal y requiere un reembolso anual del 1,00% de su monto principal total. La empresa planea utilizar los ingresos netos para fines corporativos generales.
DraftKings (DKNG)는 6억 달러 규모의 선순위 담보 대출 B 신용 시설을 성공적으로 마감했으며, 이는 시장 수요가 강해 처음 발표된 5억 달러에서 증가한 금액입니다. 대출은 2032년 3월에 만기되며, 연이율은 SOFR에 1.75%를 더한 금리입니다.
이 시설은 액면가의 99.50%에 제공되었으며, 총 원금의 1.00%를 연간 상환해야 합니다. 회사는 순자금을 일반 기업 목적에 사용할 계획입니다.
DraftKings (DKNG) a réussi à clôturer un prêt senior garanti de 600 millions de dollars, qui a été augmenté par rapport aux 500 millions initialement annoncés en raison d'une forte demande sur le marché. Le prêt arrivera à échéance en mars 2032 et porte un taux d'intérêt de SOFR plus 1,75% par an.
La facilité a été offerte à 99,50% de la valeur nominale et nécessite un remboursement annuel de 1,00% de son montant principal total. L'entreprise prévoit d'utiliser le produit net à des fins corporatives générales.
DraftKings (DKNG) hat erfolgreich eine Senior Secured Term Loan B-Kreditfazilität über 600 Millionen Dollar abgeschlossen, die aufgrund der starken Marktnachfrage von den ursprünglich angekündigten 500 Millionen aufgestockt wurde. Der Term Loan B wird im März 2032 fällig und hat einen Zinssatz von SOFR plus 1,75% pro Jahr.
Die Fazilität wurde zu 99,50% des Nennwerts angeboten und erfordert eine jährliche Rückzahlung von 1,00% des gesamten Hauptbetrags. Das Unternehmen plant, die Nettomittel für allgemeine Unternehmenszwecke zu verwenden.
- Secured $600M in financing, upsized from $500M due to strong demand
- Long-term maturity extending to 2032
- Competitive interest rate of SOFR + 1.75%
- Additional debt burden on balance sheet
- Annual interest payments will increase expenses
BOSTON, March 04, 2025 (GLOBE NEWSWIRE) -- DraftKings Inc. (Nasdaq: DKNG) (the “Company” or “DraftKings”) today announced that it has successfully closed on its senior secured term loan B credit facility in an aggregate principal amount of
The Term Loan B will mature in March 2032 and has an interest rate equal to the Secured Overnight Financing Rate (SOFR) plus
DraftKings will utilize the net proceeds of the Term Loan B for general corporate purposes.
About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. Headquartered in Boston and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games and betting experiences. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 28 states, Washington, D.C., and in Ontario, Canada. The Company operates iGaming pursuant to regulations in five states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in three states under its Golden Nugget Online Gaming brand. DraftKings owns Jackpocket, the leading digital lottery app in the United States. DraftKings’ daily fantasy sports product is available in 44 states and certain Canadian provinces. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR, WNBA and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. In addition, DraftKings owns and operates DraftKings Network, a multi-platform content ecosystem. DraftKings is committed to being a responsible steward of this new era in real-money gaming by developing and promoting educational information and tools to help all players enjoy our games responsibly.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about the Company and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release, including statements regarding guidance, DraftKings’ future results of operations or financial condition, strategic plans and focus, user growth and engagement, product initiatives, and the objectives and expectations of management for future operations (including launches in new jurisdictions and the expected timing thereof), are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “confident,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “poised,” “potential,” “predict,” “project,” “propose,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. DraftKings cautions you that the foregoing may not include all of the forward-looking statements made in this press release.
You should not rely on forward-looking statements as predictions of future events. DraftKings has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including the current macroeconomic environment, that it believes may affect its business, financial condition, results of operations, and prospects. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control and that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to, DraftKings’ ability to manage growth; DraftKings’ ability to execute its business plan and meet its projections; potential litigation involving DraftKings; changes in applicable laws or regulations, particularly with respect to gaming; general economic and market conditions impacting demand for DraftKings’ products and services; economic and market conditions in the media, entertainment, gaming, and software industries in the jurisdictions in which DraftKings operates; market and global conditions and economic factors, as well as the potential impact of general economic conditions, including inflation, rising interest rates and instability in the banking system, on DraftKings’ liquidity, operations and personnel, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, as well as the risks, uncertainties, and other factors described in “Risk Factors” in DraftKings’ filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov. Additional information will be made available in other filings that DraftKings makes from time to time with the SEC. The forward-looking statements contained herein are based on management’s current expectations and beliefs and speak only as of the date hereof, and DraftKings makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.
Contacts
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FAQ
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