Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Wheels Up Experience Inc. incurred loan of up to $15.0 million with Delta Air Lines, Inc. at 10% per annum maturing February 4, 2024.
- Instrument
- loan
- Principal
- up to $15.0 million
- Counterparty
- Delta Air Lines, Inc.
- Rate
- 10% per annum
- Maturity
- February 4, 2024
- Event
- incurrence
Exact text from the filing
On August 8, 2023, Wheels Up Experience Inc. (the “Company”) entered into a Secured Promissory Note (the “Note”) with Delta Air Lines, Inc., as Payee (“Delta”), pursuant to which Delta committed to fund a principal amount of up to $15.0 million
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Wheels Up Experience Inc. reported the second quarter, which ended June 30, 2023 results: revenue $335 million, net income $161 million.
- Period
- the second quarter, which ended June 30, 2023
- Revenue
- $335 million
- Net income
- $161 million
- Result
- reported results
Exact text from the filing
Revenue decreased $90 million year-over-year to $335 million
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Wheels Up Experience Inc. entered into Secured Promissory Note with Delta Air Lines, Inc. valued at Up to $15.0 million principal amount (effective 2023-08-08).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Delta Air Lines, Inc.
- Value
- Up to $15.0 million principal amount
- Effective
- 2023-08-08
Exact text from the filing
On August 8, 2023, Wheels Up Experience Inc. (the “Company”) entered into a Secured Promissory Note (the “Note”) with Delta Air Lines, Inc., as Payee (“Delta”), pursuant to which Delta committed to fund a principal amount of up to $15.0 million, of which $10.0 million was received on August 9, 2023 and $5.0 million was received on August 11, 2023.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Wheels Up Experience Inc. amended Letter Agreement regarding Equipment Notes grace period extension with Wilmington Trust, National Association (as facility agent, security trustee, mortgagee, subordination agent and loan trustee); Wheels Up Class A-1 Loan Trust 2022-1; lenders party to the Loan Agreement valued at Extended grace period for payment of principal and interest due under Equipment Notes to August 11, (effective 2023-08-09).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wilmington Trust, National Association (as facility agent, security trustee, mortgagee, subordination agent and loan trustee); Wheels Up Class A-1 Loan Trust 2022-1; lenders party to the Loan Agreement
- Value
- Extended grace period for payment of principal and interest due under Equipment Notes to August 11,
- Effective
- 2023-08-09
Exact text from the filing
On August 9, 2023, WUP entered into a letter agreement (the “Letter Agreement”), with WTNA, as facility agent, security trustee, mortgagee, subordination agent and loan trustee, the Trust, as Class A-1 Trust, borrower and note holder, and the lenders from time to time party to the Loan Agreement, pursuant to which the grace period for the payment of principal and interest currently due under the Equipment Notes was extended until August 11, 2023.
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