Company: UP
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001819516-25-000012
Chunk: 276

Company: Wheels Up Experience Inc.
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 276
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 respectively, held by financial institutions to establish standby letters of credit required by the lessors of certain corporate office space that we leased as of such dates, and $5.0 million and $3.4 million, respectively, held by financial institutions to collateralize against our credit card programs. The standby letters of credit required by lessors expire on December 31, 2033 and June 30, 2034.  

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8.    LONG-TERM DEBT

The following table presents the components of Long-term debt, net on our consolidated balance sheet at December 31, 2024 (in thousands, except interest rates):Maturity DateInterest Rate per Annum as of December 31, 2024December 31, 2024December 31, 20232022 Term Equipment Notes2025 to 202912.0%$— $214,878 2024 Revolving Equipment Notes2029SOFR + 1.75%317,484— Term Loan(1)202810.0%443,864 400,453 Total debt761,348 615,331 Less: Total unamortized debt discount and debt issuance costs353,292 356,259 Less: Current maturities of long-term debt31,748 23,998 Long-term debt, net$376,308 $235,074 _________(1)    As of December 31, 2024, includes $1.1 million outstanding in connection with the Credit Support Premium (as defined below), which will become due and payable in-full upon the earlier of repayment and extinguishment of the Revolving Equipment Note Facility (as defined below) and the termination of Delta’s obligation to provide credit support for the Revolving Equipment Notes Facility. The Credit Support Premium is deemed a Revolving Loan (as defined in the Credit Agreement) under the Credit Agreement; however, any such accrued amounts do not reduce Delta’s $100.0 million commitment available to be borrowed by the Company from time to time under the Revolving Credit Facility (as defined below).Maturities of our debt for the next five years are as follows (in thousands):Maturities2025$31,748 202631,748 202733,336 2028480,842 2029183,674 Total$761,348 Long-Term Debt Arrangements as of December 31, 20242024 Revolving Equipment NotesOn November