DraftKings Adds $500M Credit Line That Incentivizes Borrowing [Yahoo! Finance]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Yahoo! Finance
The new $500 million revolving credit facility, taken out this week with a syndicate led by Morgan Stanley, replaces a $125 million facility that the gaming company (Nasdaq: DKNG ) entered into with Banc of California and Citizens Bank in December 2022. That old agreement has been terminated. More from Sportico.com NFL Bettors Sting DraftKings, Cost Company $250 Million Sportradar Beats on Q3 Results, Expresses Optimism on MLB Rights Missouri OKs Sports Betting as FanDuel, DraftKings Beat Caesars The shift gives the company more credit and more flexibility at a lower price, at least based on current rate levels, and saves it money compared to its prior deal as long as it doesn't leave the credit unused. Under the former agreement, DraftKings had to pay an interest rate of the Prime Rate—a rate banks charge creditworthy customers—plus 1%, equal to 8.75% as of this writing. Under the new facility, the company gets to choose the cheapest of two rates to determine the interest
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News
- The Surprising Risks of DraftKings (DKNG), Why The House Doesn't Always Win [Yahoo! Finance]Yahoo! Finance
- DraftKings Inc. (NASDAQ: DKNG) had its price target raised by analysts at TD Cowen from $50.00 to $55.00. They now have a "buy" rating on the stock.MarketBeat
- Conduktor looks to gatekeep ‘bad data' out of company's apps [TechCrunch]TechCrunch
- VCs are betting on online casinos after the success of sports gambling [Fortune]Fortune
- NFL Picks, Props And Odds For Week 10 Monday Night Football Dolphins-Rams [Forbes]Forbes
DKNG
Earnings
- 11/7/24 - Beat
DKNG
Sec Filings
- 11/12/24 - Form SC
- 11/8/24 - Form 4
- 11/8/24 - Form 4
- DKNG's page on the SEC website