Wheels Up Experience Inc. filed a Form 8-K on November 5, 2026, disclosing that on November 4, 2026 the company entered into Amendment No. 6 to its existing Credit Agreement to add a $100.0 million revolving credit facility provided by Delta Air Lines, and that on November 3, 2026 it signed a purchase agreement for six factory-new Embraer Phenom 300E business jets at an aggregate price of approximately $90.0 million.

Key Highlights

  • New revolving facility: Delta provided a commitment for an additional $100.0 million revolving credit facility (the "2026 Revolving Credit Facility") under Amendment No. 6 to the existing Credit Agreement, dated November 4, 2026.
  • Maturity date: The 2026 Revolving Credit Facility is available to be drawn through December 1, 2027, its scheduled maturity date, which is prior to the September 20, 2028 maturity of the existing 2023 Term Loans and 2023 Revolving Credit Facility.
  • Interest and fees: Interest accrues at 10% per annum on the unpaid principal balance, plus a 2% per annum facility fee on the full commitment amount, both payable-in-kind and compounded quarterly.
  • Six new jets ordered: Subsidiary Wheels Up Partners LLC signed a definitive purchase agreement with Embraer Executive Aircraft, Inc. for six factory-new Phenom 300E premium business jets with deliveries expected in the third and fourth quarters of 2027.
  • Aggregate jet purchase price: The six aircraft carry an aggregate purchase price of approximately $90.0 million, subject to certain discounts and customary adjustments.
  • Deposit paid: On November 3, 2026, the company paid a deposit equal to approximately 20% of the aggregate purchase price using available cash on-hand and net proceeds from a PDP financing arrangement.
  • Board approval: The 2026 Revolving Credit Facility and Credit Agreement Amendment were, according to the filing, "unanimously approved by the disinterested, independent members of the Company's Board of Directors."

Wheels Up Expands Credit Access and Fleet in Dual November 2026 Agreements

According to the Form 8-K filed by Wheels Up Experience Inc. (NYSE:UP), the company entered into Amendment No. 6 to its Credit Agreement on November 4, 2026, adding a $100.0 million revolving credit facility committed by Delta Air Lines, Inc. The existing 2023 Credit Agreement, originally dated September 20, 2023, already included term loans with an aggregate original principal amount of $390.0 million and a $100.0 million revolving credit facility also provided by Delta. The new 2026 Revolving Credit Facility brings total revolving commitments to $200.0 million across both facilities.

The filing states the company expects to use borrowings under the 2026 Revolving Credit Facility "for working capital and general corporate purposes, including to execute the Company's ongoing business transformation, to continue investing in its premium jet fleet and/or to repay existing indebtedness." The facility carries a 10% per annum interest rate on drawn amounts and a 2% per annum facility fee on the full $100.0 million commitment, both structured as payable-in-kind obligations compounded and capitalized quarterly and at maturity. The filing notes a borrowing cap: the company may only draw amounts that would not cause its Unrestricted Cash Amount to exceed $100.0 million, and must generally repay promptly if that threshold is breached. Repayments must be applied pro rata across both revolving facilities, subject to limited exceptions.

Separately, the filing discloses that indirect subsidiary Wheels Up Partners LLC entered into a purchase agreement with Embraer Executive Aircraft, Inc. on November 3, 2026 for six factory-new Phenom 300E jets. The aggregate purchase price is approximately $90.0 million, with an approximately 20% deposit paid at signing. The filing states the company "currently expects to finance substantially all of the balance of the purchase price" at delivery using its Revolving Equipment Notes Facility, Revolving Credit Facilities, future debt arrangements, cash on-hand, or other capital resources. Deliveries are expected in the third and fourth quarters of 2027.

What Was Disclosed

Wheels Up Experience Inc. disclosed two material agreements signed November 3-4, 2026: a new $100.0 million revolving credit facility from Delta maturing December 1, 2027, added via Amendment No. 6 to its Credit Agreement, and a purchase agreement for six Embraer Phenom 300E jets totaling approximately $90.0 million.