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Wheels Up Experience Inc. secures a $68 million debt facility from Sankaty Jet Capital to modernize its fleet with new aircraft.

PRIVATEMay 13, 20268 days ago

Amount Raised

$68 Million

New York

Investors

Sankaty Jet Capital

Description

Sankaty Jet Capital has provided a secured mezzanine facility worth $68 million to Wheels Up Experience Inc. The funds will facilitate the purchase of Phenom 300 and Challenger 300 Series aircraft as part of fleet modernization plans. This facility is secured by 51 existing aircraft valued at approximately $277.8 million. The arrangement is expected to support Wheels Up's growth in the business aviation sector.

Company Information

Company

Wheels Up

Location

New York, New York, United States

About

Wheels Up is a leading provider of on-demand private aviation in the U.S. and one of the largest private aviation companies in the world. Wheels Up offers a complete global aviation solution with a large, modern, and diverse fleet, backed by an uncompromising commitment to safety and service. Customers can access membership programs, charter and whole aircraft sales, as well as unique commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also offers freight, safety and security solutions and managed services to individuals, industry, government, and civil organizations. Wheels Up is guided by the mission to connect private flyers to aircraft, and one another, through an open platform that seamlessly enables life's most important experiences. Powered by a global private aviation marketplace connecting its base of approximately 12,000 members and customers to a network of approximately 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. With the Wheels Up mobile app and website, members and customers have the digital convenience to search, book and fly. To learn more about Wheels Up, go to Wheelsup.com.

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Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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