Wheels Up closed its new $332 million revolving equipment notes facility with Bank of America, and completed the acquisition of GrandView Aviation's fleet of 17 Embraer Phenom 300 and Phenom 300E aircraft, and related maintenance assets and customer programs.
The closings are part of the company's strategic growth plans.
"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 Wheels Up CEO George Mattson. "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 revolving equipment notes facility is backed with credit support from Delta Air Lines. The facility refinanced the company's existing owned fleet and financed the purchase of GrandVIew's fleet. In addition, it will provide borrowing access to support the company's fleet transition.