DraftKings (DKNG) closed on its senior secured term loan B credit facility in an aggregate principal amount of $600 million. The size of the Term Loan B was increased from the previously announced $500 million aggregate principal amount due to strong demand. The Term Loan B will mature in March 2032 and has an interest rate equal to the Secured Overnight Financing Rate plus 1.75% per annum. The Term Loan B was offered at 99.50% of par and is required to be repaid at 1.00% of its aggregate principal amount per annum. DraftKings will utilize the net proceeds of the Term Loan B for general corporate purposes.
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