Wire
Wheels Up Experience Closes $68 Million Secured Mezzanine Facility
Wheels Up Experience (UP) has secured a $68 million committed secured mezzanine facility from AIP Capital unit Sankaty Jet Capital, the companies said Wednesday.Wheels Up Experience will use the capital for the purchase of additional Phenom 300 and Challenger 300 Series aircraft as part of its fleet modernization plans, the companies said.The facility will be secured initially by 51 existing aircraft with a total appraised value of about $277.8 million, and is expected to support the purchase of additional aircraft over the next 18 months, the companies added.Shares of Wheels Up Experience rose more than 6% in Wednesday afternoon trading.Price: $5.34, Change: $+0.32, Percent Change: +6.37%
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