secwatch.observer — SEC 8-K summary
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Issuer:     Wheels Up Experience Inc. (UP)
CIK:        0001819516
Form:       8-K
Filed at:   2026-06-01T10:56:21+00:00
Accession:  0001628280-26-039275
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wheels Up closes $100M unsecured term loan with 12% PIK interest; matures 2029
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819516/000162828026039275/0001628280-26-039275-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819516/000162828026039275/up-20260529.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-039275

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