8-K
filed June 1, 2026, 6:56 AM ET
ticker UP
CIK 0001819516
debt
confidence high
sentiment neutral
materiality 0.70
Wheels Up Experience Inc. (UP): debt financing — Wheels Up closes $100M unsecured term loan with 12% PIK interest; matures 2029
Wheels Up Experience Inc.
- Received $100M on May 29 from Delta, Cox, and CK Wheels; proceeds for working capital, fleet expansion, and debt repayment.
- Interest accrues at 12% per annum, payable in kind (PIK) quarterly; optional cash payment.
- Maturity is earliest of May 29, 2029, default acceleration, or 91 days before 2023 credit maturity (Sept 2028).
- Amendment No. 4 permits new loan and reflects $68M Series B Revolving Equipment Notes closed May 21, 2026.
- Post-funding, Delta owns ~36.3%, CK Wheels ~35.6%, Cox ~11.9% of Class A common stock (36.26M shares outstanding).
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 credit facility with Delta Air Lines, Inc., Cox Investment Holdings, LLC and CK Wheels LLC.
- Instrument
- credit facility
- Counterparty
- Delta Air Lines, Inc., Cox Investment Holdings, LLC and CK Wheels LLC
- Event
- amendment
Exact text from the filing
On the Closing Date, the Company entered into Amendment No. 4 to Credit Agreement ("Amendment No. 4"), by and among the Company, as borrower, the Guarantors, each of the Lead Lenders, and the Agent, pursuant to which, among other things, certain conforming amendments were made to (a) permit the incurrence of the 2026 Term Loan and reflect its terms, and (b) further reflect the Series B Revolving Equipment Notes Facility (as defined in the Company's Current Report on Form 8-K filed with the SEC on May 26, 2026 ) that closed on May 21, 2026 as senior secured indebtedness and constitute EETC Obligations (as defined in the 2023 Credit Agreement).
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Wheels Up Experience Inc. incurred term loan of $100.0 million with Delta Air Lines, Inc., Cox Investment Holdings, LLC and CK Wheels LLC at 12% per annum maturing May 29, 2029.
- Instrument
- term loan
- Principal
- $100.0 million
- Counterparty
- Delta Air Lines, Inc., Cox Investment Holdings, LLC and CK Wheels LLC
- Rate
- 12% per annum
- Maturity
- May 29, 2029
- Event
- incurrence
Exact text from the filing
Lenders”), each of which is an existing lender of the Company, committed to provide an unsecured term loan facility to the Company in the aggregate original principal amount of $100.0 million (the “Initial 2026 Term Loan”). On May 29, 2026 (the “Closing Date”), the Company entered into a Credit Agreement (the “2026 Credit Agreement”), by and among the Company, as
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Wheels Up Experience Inc. entered into 2026 Credit Agreement with Lead Lenders (Delta Air Lines, Inc., Cox Investment Holdings, LLC, CK Wheels LLC) valued at $100.0 million (effective 2026-05-29).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Lead Lenders (Delta Air Lines, Inc., Cox Investment Holdings, LLC, CK Wheels LLC)
- Value
- $100.0 million
- Effective
- 2026-05-29
Exact text from the filing
On May 29, 2026 (the “Closing Date”), the Company entered into a Credit Agreement (the “2026 Credit Agreement”), by and among the Company, as borrower (in such capacity, the “Borrower”), certain subsidiaries of the Company as guarantors (the “Guarantors” and, collectively with the Borrower, the “Loan Parties”), each of the Lead Lenders, and U.S. Bank Trust Company, N.A., as administrative agent (the “Agent”), pursuant to which the Lead Lenders provided the Initial 2026 Term Loan, the net proceeds of which were received by the Company on the Closing Date.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Wheels Up Experience Inc. amended Amendment No. 4 to Credit Agreement with Lead Lenders (Delta Air Lines, Inc., Cox Investment Holdings, LLC, CK Wheels LLC) (effective 2026-05-29).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Lead Lenders (Delta Air Lines, Inc., Cox Investment Holdings, LLC, CK Wheels LLC)
- Effective
- 2026-05-29
Exact text from the filing
On the Closing Date, the Company entered into Amendment No. 4 to Credit Agreement (“Amendment No. 4”), by and among the Company, as borrower, the Guarantors, each of the Lead Lenders, and the Agent, pursuant to which, among other things, certain conforming amendments were made to (a) permit the incurrence of the 2026 Term Loan and reflect its terms, and (b) further reflect the Series B Revolving Equipment Notes Facility (as defined in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2026 ) that closed on May 21, 2026 as senior secured indebtedness and constitute EETC Obligations (as defined in the 2023 Credit Agreement).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.