DraftKings Inc. (Nasdaq: DKNG) has closed a $700 million senior secured term loan B facility and a $750 million senior secured revolving credit facility, according to a company statement.

The term loan was upsized from an initially announced $600 million due to demand. It carries an interest rate equal to the Secured Overnight Financing Rate plus 2.00% per annum, was priced at 99.50% of par, and matures in August 2033. The loan requires annual repayment of 1.00% of the aggregate principal amount.

DraftKings said it intends to use proceeds from the term loan to repurchase a portion of its outstanding Convertible Notes due 2028, issued by its wholly-owned subsidiary DraftKings Holdings Inc., subject to availability and market conditions, as well as for general corporate purposes.

The new revolving credit facility replaces an existing $500 million revolving credit facility that had been scheduled to mature in November 2029. The new facility matures in August 2031 and includes revolving loans, swing line borrowings, and letters of credit. DraftKings said it intends to use borrowings under the revolving facility for general corporate purposes.