secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2023-09-21T23:59:59+00:00
Accession:  0001104659-23-102874
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 5.02, 1.02, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up secures $450M financing from Delta, CK Wheels, CIH; issues 80% equity to lenders
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- Term loan of $350M and $100M revolver from Delta, CK Wheels, and CIH; interest rate 10% PIK, rising to 20% if stockholder approval delayed.
- Lenders received 141M shares (80% of fully diluted) immediately; up to 95% after stockholder approval of charter amendment.
- Board reconstituted: Delta, CK Wheels, CIH each designate directors; seven prior directors resigned; George Mattson (incoming CEO) appointed.
- Company repaid $70M Amended Note to Delta using term loan proceeds; CCA extended to 2029.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923102874/0001104659-23-102874-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000110465923102874/tm2326291d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-102874

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer