DraftKings wraps upsized $700M TLB for convertible notes repurchase

DraftKings completed its $700 million, seven-year covenant-lite first-lien term loan at S+200, with a 0% floor and an issue price of 99.5 in a Morgan Stanley-led transaction, according to sources. The TLB was upsized from $600 million at launch, and the yield to maturity is approximately 5.98%. Pricing was revised from guidance at launch of S+225-250, and the deal includes six months of 101 soft call protection. Proceeds will be used to repurchase a portion of the company’s outstanding convertib