November 12, 2024
Delta Air Lines-backed Wheels Up said it closed its Bank of America financing and GrandView fleet acquistion.
Wheels Up has closed the deals it announced last month to acquire GrandView Aviation’s fleet and secure $332 in financing via Bank of America.
“Our fleet transition starts today with the strategic acquisition of GrandView’s Phenom (300) 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.
He added, “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.”
According to the company, the $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.
Read the full 582-page SEC filing here: Wheels Up Bank of America GrandView Aviation SEC filing.
Last week, Wheels Up said it expects positive Adjusted EBITDA for the entire year of 2025.
In an exclusive interview with Private Jet Card Comparisons, Delta CEO Ed Bastian and Mattson discussed the turnaround, including specifics on where the synergy is already working.
Find the perfect solution for your private aviation needs
Save Time. Buy Confidently.
Receive an apples-to-apples comparison of programs that meet your needs from more than 500 jet card and fractional options covering 65 points of differentiation and over 40,000 data points.
