DraftKings Closes Upsized $700M Term Loan B and New $750M Revolver
DKNG sits 26% above its 52-week low of $20.46.
Summary
DraftKings closed a $700M upsized Term Loan B and a new $750M revolving credit facility, replacing its existing $500M revolver. Proceeds will be used to repurchase convertible notes due 2028 and for general corporate purposes.
Key Events · Financing and Capital Events · DKNG
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Term Loan B Upsized to $700M
Strong demand led to an upsized $700M senior secured Term Loan B, up from the previously announced $600M. It was priced at 99.50% of par with SOFR + 2.00% interest and matures in August 2033.
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Revolver Replaced with $750M Facility
A new $750M senior secured revolving credit facility replaces the existing $500M revolver that was scheduled to mature in November 2029. The new facility matures in August 2031.
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Proceeds for Convertible Note Repurchase
Net proceeds from the Term Loan B are intended for repurchases of a portion of the outstanding 0% Convertible Senior Notes due 2028, subject to availability and market conditions.
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Refinancing Extends Maturities
The new facilities extend debt maturities to 2031 for the revolver and 2033 for the Term Loan B, reducing near-term refinancing risk.
Analysis · DKNG · Trade & Services
Strong demand allowed DraftKings to upsize its Term Loan B to $700 million from the originally planned $600 million, and the company also replaced its $500 million revolver with a new $750 million facility. The Term Loan B was priced at 99.50% of par, carries an interest rate of SOFR + 2.00%, and matures in August 2033. Proceeds are earmarked for repurchasing a portion of the outstanding 0% Convertible Senior Notes due 2028, subject to market conditions. This refinancing extends maturities and increases liquidity, but adds secured debt at a time when the company just reported a Q2 loss of $67.6 million.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 29.6% of the 2856 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, DKNG was trading at $25.79 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $12.8B. The 52-week trading range was $20.46 to $48.78. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.