Wheels Up Experience Inc. (UP): debt financing — Wheels Up amends Delta note to $45M total; extends equipment note grace period

Wheels Up Experience Inc.

Delta note originally $15M, increased to $25M on Aug 16, then up to $45M via second amendment.
Additional $10M received Aug 16; further $20M available under second amendment.
Grace period for Series A-1 equipment notes extended to Aug 23, 2023.
Amendments do not contain additional material covenants or terms.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wheels Up Experience Inc. amended loan of outstanding principal and interest currently due with the lenders under the Loan Agreement dated October 14, 2022 at not disclosed maturing not disclosed.

Instrument: loan
Principal: outstanding principal and interest currently due
Counterparty: the lenders under the Loan Agreement dated October 14, 2022
Rate: not disclosed
Maturity: not disclosed
Event: amendment

Exact text from the filing

on August 18, 2023, Wheels Up Partners LLC, an indirect subsidiary of the Company ("WUP"), and the lenders under that certain Loan Agreement, dated as of October 14, 2022, by and among Wheels Up Class A-1 Loan Trust 2022-1, a Delaware statutory trust, each lender from time to time made party thereto, and Wilmington Trust, National Association, as facility agent and as security trustee for the lenders, which relates to WUP's outstanding Series A-1 equipment notes, determined to further extend the grace period for the payment of outstanding principal and interest currently due under such equipment notes to August 23, 2023.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Wheels Up Experience Inc. amended loan of $45.0 million with Delta Air Lines, Inc. at not disclosed maturing not disclosed.

Instrument: loan
Principal: $45.0 million
Counterparty: Delta Air Lines, Inc.
Rate: not disclosed
Maturity: not disclosed
Event: amendment

Exact text from the filing

Pursuant to the Note First Amendment, the Company and Delta agreed to increase the aggregate principal amount of the Note by an additional $10.0 million to $25.0 million, of which the additional $10.0 million was received by the Company on August 16, 2023. Pursuant to the Note Second Amendment, the Company and Delta agreed to further increase the aggregate principal amount of the Note, as amended to the date thereof, by up to an additional $20.0 million, which brought the total principal amount under the Note and Amendments up to $45.0 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Wheels Up Experience Inc. amended First Amendment to Secured Promissory Note with Delta Air Lines, Inc. valued at Increased the aggregate principal amount of the Note by an additional $10.0 million to $25.0 million (effective 2023-08-15).

Action: amendment
Agreement: credit facility
Counterparty: Delta Air Lines, Inc.
Value: Increased the aggregate principal amount of the Note by an additional $10.0 million to $25.0 million
Effective: 2023-08-15

Exact text from the filing

Pursuant to the Note First Amendment, the Company and Delta agreed to increase the aggregate principal amount of the Note by an additional $10.0 million to $25.0 million, of which the additional $10.0 million was received by the Company on August 16, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Wheels Up Experience Inc. amended Second Amendment to Secured Promissory Note with Delta Air Lines, Inc. valued at Further increased the aggregate principal amount of the Note by up to an additional $20.0 million to (effective 2023-08-21).

Action: amendment
Agreement: credit facility
Counterparty: Delta Air Lines, Inc.
Value: Further increased the aggregate principal amount of the Note by up to an additional $20.0 million to
Effective: 2023-08-21

Exact text from the filing

Pursuant to the Note Second Amendment, the Company and Delta agreed to further increase the aggregate principal amount of the Note, as amended to the date thereof, by up to an additional $20.0 million, which brought the total principal amount under the Note and Amendments up to $45.0 million.

View on SEC.gov

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Wheels Up Experience Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-093978

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