On November 13, 2024, Wheels Up Experience Inc. closed its new $332 million revolving equipment notes facility with Bank of America and completed the acquisition of GrandView Aviation’s fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, and related maintenance assets and customer programs. The closings mark a major step forward for Wheels Up’s strategic growth goals, aimed at delivering an elevated and reliable experience for its customers. Wheels Up first announced that it had entered into definitive agreements for these transactions on October 22, 2024.
“Our fleet transition starts today with the strategic acquisition of GrandView’s Phenom fleet and the immediate introduction of the Phenom fleet into our programmatic member as well as charter offerings as we head into the peak holiday travel season,” said George Mattson, Chief Executive Officer. “By expanding our fleet with newer, more capable aircraft, we are positioning Wheels Up to remain at the forefront of our industry, offering our customers private aviation solutions that deliver greater flexibility, enhanced comfort, and the reliable access our customers expect.”
The company’s new $332 million revolving equipment notes facility, backed by credit support from Delta Air Lines, refinanced Wheels Up’s existing owned fleet, financed the purchase of GrandView’s fleet, and will provide additional borrowing access to support the completion of Wheels Up’s fleet transition.
