Wheels Up adds Phenom fleet; secures $332m financing
Wheels Up Experience announced successful closure of $332m revolving equipment notes facility with Bank of America and completed the acquisition of GrandView Aviation’s 17 Embraer Phenom 300 and Phenom 300E aircraft, along with related maintenance assets and customer programmes.
“Our fleet transition starts today with the strategic acquisition of GrandView’s Phenom 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, CEO.
“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.”
The $332m revolving equipment notes facility, backed by credit support from Delta Air Lines, will refinance Wheels Up’s existing owned fleet, fund the GrandView acquisition, and provide additional borrowing capacity to support the company’s ongoing fleet transition.
The company has demonstrated a turnaround in 2024. The company’s third quarter 2024 results show that the company is making steady progress in stabilising its finances and transitioning its business model to towards profitability.
Wheels Up reported revenue of $335.1m in the quarter. This is down 39% compared with the same three months of 2023, but relatively flat compared with the past few quarters.
