Loan & DebtJun 1, 2026, 07:02 AM
Wheels Up Secures $100M Unsecured Term Loan; Amends 2023 Credit Agreement
AI Summary
Wheels Up Experience Inc. has entered into a new Credit Agreement, securing an initial $100.0 million unsecured term loan facility from existing lenders Delta Air Lines, Cox Investment Holdings, LLC, and CK Wheels LLC. The company intends to utilize these proceeds for working capital, general corporate purposes, advancing growth initiatives, scaling its aircraft fleets, and/or repaying existing indebtedness. The 2026 Term Loan has a maturity date of May 29, 2029, and carries an interest rate of 12% per annum, payable in kind. Additionally, Wheels Up executed Amendment No. 4 to its 2023 Credit Agreement.
Key Highlights
- Secured $100.0 million Initial 2026 Term Loan facility from Lead Lenders.
- Option to request an additional $100.0 million Incremental Term Loan.
- The 2026 Term Loan matures on May 29, 2029.
- Interest on the 2026 Term Loan accrues at 12% per annum, payable in kind.
- Proceeds will be used for working capital, growth initiatives, fleet expansion, and/or debt repayment.
- Entered into Amendment No. 4 to the existing 2023 Credit Agreement.
- Lead Lenders include Delta Air Lines, Cox Investment Holdings, LLC, and CK Wheels LLC.
Price Impact
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