DraftKings Inc. DKNG, -5.57% announced Tuesday the pricing of its upsized $1.1 billion private offering of convertible senior notes, which will pay 0% interest and mature on March 15, 2028. On Monday, the digital sports gaming company said it was planning a $1.0 billion convertible debt offering. The company said the initial conversion rate of the notes is 10.5430 shares of common stock per $1,000 principal amount of notes, which is the equivalent of $94.85 a share, which is 40% above Monday’s stock closing price of $67.75. The notes will not be redeemable, at DraftKings’s election, before March 15, 2025. DraftKings’s stock, which rose 1.1% in premarket trading, has rallied 25.9% over the past three months, while the S&P 500 SPX, +0.65% has tacked on 7.2%.
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