Company: UP
Filing Date: 2025-05-01
Form Type: 8-K
Source: 0001819516-25-000023
Chunk: 0

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-01
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01 Entry into a Material Definitive Agreement.

As previously disclosed by Wheels Up Experience Inc. (the “ Company” or “ Wheels Up”) in filings with the U. S. Securities and Exchange Commission (“ SEC”), Wheels Up is party to a Credit Agreement, dated as of September 20, 2023 (as amended by Amendment No. 1 thereto, dated as of November 15, 2023, and as further amended by Amendment No. 2 thereto, dated as of November 13, 2024, the “ Existing Credit Agreement”), by and among Wheels Up, as borrower, certain subsidiaries of Wheels Up as guarantors (collectively with Wheels Up, the “ Loan Parties”), the lenders from time to time party thereto, and U. S. Bank Trust Company, N. A., as administrative agent for the lenders and as collateral agent for the secured parties (the “ Agent”), which provides for a term loan facility in the aggregate original principal amount of $390.0 million that was fully funded as of November 15, 2023, and commitments for a revolving loan facility by Delta Air Lines, Inc. (“ Delta”) in the aggregate original principal amount of $100.0 million (the “ Revolving Credit Facility”), under which no borrowings were outstanding as of March 31, 2025 and the date of this Current Report on Form 8-K (this “ Current Report”).

On April 30, 2025 (the “ Amendment Date”), Wheels Up entered into Amendment No. 3 to Credit Agreement (the “ Credit Agreement Amendment” and, together with the Existing Credit Agreement, the “ Credit Agreement”), by and among Wheels Up, as borrower, the other Loan Parties party thereto, as guarantors, Delta and the Agent, pursuant to which, among other things, Delta extended the period during which the Revolving Credit Facility will continue to be available to be drawn by one year, to September 20, 2026. The Credit Agreement Amendment did not amend the amount of Delta's $100.0 million commitment under the Revolving Credit Facility or any of the events of default or covenants, collateral provisions, terms related to existing borrowings and repayments, maturity dates or amounts borrowed or existing commitment amounts in respect of the Term Loan or Revolving Credit Facility.

On the Amendment Date, Delta: (i) beneficially owned approximately 37.7% of the outstanding shares of the Company’s Class A common stock