DraftKings Inc.’s Inaugural Term Loan B Facility
March 10, 2025
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million inaugural term loan B facility made available to DraftKings, Inc. for general corporate purposes. DraftKings is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. The transaction closed on March 4, 2025.
The Cravath team was led by partners Joseph D. Zavaglia and Matthew M. Kelly and included associates Fay E. Faught, Kiyon Hahm and Alexander Williams-Pratt on financing matters, and partner Sasha Rosenthal-Larrea and associate Vincent Joralemon on intellectual property matters.
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J.D., 2004, Brooklyn Law SchoolValedictorian, summa cum laude
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B.B.A., 2001, College of Insurancecum laude
- New York
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J.D., 2013, New York University School of LawJohn Norton Pomeroy Scholar; Benjamin Butler Scholar; Order of the Coif, magna cum laude
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A.B., 2006, Dartmouth Collegecum laude
- New York
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J.D., 2010, Columbia Law SchoolHarlan Fiske Stone Scholar
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A.B., 2007, Brown University
- New York
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December 02, 2024
DraftKings Inc.’s Credit Facility
Cravath represented Morgan Stanley, as administrative agent, joint lead arranger, joint bookrunner and collateral agent, in connection with a $500 million revolving credit facility made available to DraftKings Inc. and certain of its subsidiaries. DraftKings Inc. operate as a digital sports entertainment and gaming company in the United States and internationally. The transaction closed on November 7, 2024.
