Wheels Up Experience Inc. announced on November 14, 2024, the successful closing of its new $332 million revolving equipment notes facility with Bank of America on November 13, 2024. This facility is backed by credit support from Delta Air Lines, underscoring the strength of their strategic partnership.
The new financing facility refinances Wheels Up's existing owned fleet and provides the necessary capital to fund the acquisition of GrandView Aviation's fleet. It also offers additional borrowing access to support the ongoing completion of Wheels Up's fleet transition strategy.
Concurrently, Wheels Up completed the acquisition of GrandView Aviation's fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, along with related maintenance assets and customer programs. This acquisition immediately introduces newer, more capable aircraft into Wheels Up's programmatic member and charter offerings, enhancing customer experience and operational flexibility.
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