Wheels Up nets $259 million via sale and issuance of equipment notes

Wheels Up

Proceeds will support Wheels Up’s investments in operations, technology, and member experience as it focuses on reaching positive adjusted EBITDA in 2024

Wheels Up Experience Inc. starts the NBAA-BACE conference here in Orlando with the first major announcement of the week.

Wheels Up completes $128 million Class D equity capital raise with $1.1 billion + valuation

Wheels Up

The jet card membership company said it will use the money for accelerating membership growth and possible acquisitions

Wheels Up said that it has completed its Class D equity capital raise of $128 million, according to a press release received by Private Jet Card Comparisons. The funds will be used to accelerate membership growth, fund technology investment, and perhaps even more acquisitions. In 2017, it raised $117.5 million in equity capital and $90 million in debt financing via KKR.

Earlier this year it had said it had hired Bank of America and Goldman Sachs to advise it on strategic initiatives.

New to the company’s roster of institutional investors from this round are funds managed by Franklin Templeton, which co-led the round with funds and accounts advised by T. Rowe Price and Fidelity Management & Research, along with other institutional and private investors.

The company’s post-money enterprise valuation is north of $1.1 billion, according to the release.

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