Wheels Up secures $100M unsecured loan from major shareholders Delta, Cox, and CK Wheels

Filed June 1, 2026 · Period ending May 29, 2026 · ~1 min read

Key Changes

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  Closed $100M unsecured term loan at 12% interest, maturing May 2029, with proceeds for working capital, fleet expansion (Challenger 300 and Phenom 300 aircraft), and potential debt repayment. Interest compounds quarterly and is paid in kind unless company elects cash payment.

  Item 1.01: Entry into Credit Agreement verify on EDGAR →
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  Lenders are existing major shareholders who collectively own over 80% of common stock: Delta (36.3%), CK Wheels (35.6%), and Cox (11.9%). Transaction approved by independent board members, representing related-party financing with strategic investors.

  Item 1.01: Related Party Disclosure verify on EDGAR →
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  Loan could mature earlier than 2029—specifically 91 days before existing 2023 Credit Agreement matures (currently Sept 2028) or upon event of default. Loan is unsecured but guaranteed by U.S. and certain international subsidiaries.

  Item 1.01: Maturity Terms verify on EDGAR →