Wheels Up closes on $100 million Delta Air Lines-backed term loan

After announcing a letter of agreement for a $100 million unsecured term loan backed by Delta Air Lines, a 304-page SEC filing from Wheels Up shows the deal has now closed.

The entire filing can be downloaded at the bottom of this article.

According to the filing this morning, the deal closed on May 29, 2026.

The commitment letter included Delta Air Lines, Cox Investment Holdings, and CK Wheels LLC, each of which was an existing lender of the Company.

The deal provides “an unsecured term loan facility to (Wheels Up) in the aggregate original principal amount of $100 million.”

According to the filing, Wheels Up will use the funds “for working capital and general corporate purposes.”

That includes expanding its Bombardier Challenger 300 and Embraer Phenom 300 series aircraft fleets.

Wheels Up says it expects to “nearly double” its new fleet by the end of the year.

It includes repaying “existing indebtedness, and to pay certain transaction-related expenses.”

The new agreement gives Wheels Up the right to request additional $100 million loan increments.

The loans would require the consent of each lead lender, according to the filing.

The scheduled maturity date for the new loan is May 29, 2029.

Delta Air Lines currently owns 36.3% of the outstanding shares of Wheels Up common stock.

CK Wheels, which is an arm of Certares, owns 35.6%.

Cox controls 11.9%

Wheels Up ended 2025 as the fourth-largest charter/fractional operator in the U.S. based on flight hours.

Delta Air Lines CEO Ed Bastian has said that Wheels Up is a key component of the airline’s strategy to lead the premium travel market.

READ: Wheels Up 2026 Term Loan Agreement 8-K SEC Filing