DraftKings has announced the syndication of a new Term Loan B (TLB) credit facility worth $600m (£443.5m) which will further extend the operator’s debt profile.
The New York-listed operator said it will use the proceeds of the loan to repurchase a portion of its existing convertible notes, which are due in 2028, with some of the capital also allocated for “general corporate purposes”.
In addition to the TLB arrangement, DraftKings has also secured commitments for a new rolling credit facility of $750m, which is set to mature in 2031.
The company’s existing credit facility was worth $500m and was set to mature in 2029.
Although some of the revolving credit facility has additionally been earmarked for “general corporate purposes”, DraftKings expects the facility to remain “substantially undrawn at closing”.
The operator also noted that the use of both the TLB and revolving credit facility are still subject to market and other conditions.
DraftKings’ share price fell 3.2% to $25.30 yesterday, 17 August, following the announcement. The stock is down 29% so far this year and sunk to below $22 earlier this month.
The company’s Q2 earnings report revealed total liabilities amounting to $3.71bn, as of 30 June 2026, with $1.3bn attributed to convertible notes and a further $574.6m from its existing TLB agreement.
DraftKings reported revenue of $1.4bn for the period, marking a decrease of 5% year on year (YoY).
The firm also posted a net loss of $67.6m during the quarter, down from the $157.9m profit recorded in Q2 2025.
Notably, the quarter was the first where DraftKings reported figures from its prediction markets offering, with annualised trading volume reaching $11bn.
On the Q2 earnings call, CEO Jason Robins confirmed the company was looking to fully shift DraftKings Predictions onto its own in-house platform.
Looking ahead, revenue guidance for the remainder of the year ranges between $6.5bn and $6.9bn, while adjusted EBITDA is expected to come in at $700m to $900m.
The post DraftKings extends revolving credit facility while securing $600m term loan first appeared on EGR Intel.
Boston-headquartered operator increases existing credit line to $750m for “general corporate purposes” as share price falls again
The post DraftKings extends revolving credit facility while securing $600m term loan first appeared on EGR Intel.