DraftKings shares fell Monday after the company said it plans to raise $600 million through a new senior secured Term Loan B and has secured commitments for a new $750 million senior secured revolving credit facility. The proceeds from the term loan are intended to fund the repurchase of part of DraftKings' 2028 Convertible Notes, subject to market conditions, and support other corporate purposes. The revolving credit facility, which matures in 2031, will replace an existing $500 million facility due in 2029 and is expected to remain largely undrawn at closing, giving the online sports betting and iGaming operator added liquidity and financial flexibility. Both transactions remain subject to market and other conditions. The move follows DraftKings' earlier February 2025 term loan B financing, which was upsized to $600 million after strong lender demand and priced at SOFR plus 1.75% with maturity in March 2032, underscoring the company's continued use of credit markets to manage its balance sheet without issuing new equity.