DraftKings Inc. (Nasdaq: DKNG) announced the launch of syndication for a $600 million senior secured term loan B credit facility, with proceeds intended for repurchases of a portion of its existing Convertible Notes due 2028 and general corporate purposes.

The company also launched syndication of a new $750 million senior secured revolving credit facility maturing in 2031, which will replace its existing $500 million revolving credit facility that was set to mature in 2029. DraftKings said it expects the new revolving facility to remain substantially undrawn at closing and intends to use any borrowings for general corporate purposes.

The completion of both facilities is subject to market and other conditions, according to the company's statement.