Company: UP
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049230
Chunk: 131

Company: Wheels Up Experience Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 131
---
 that we leased as of such dates, and (iii) $5.0 million as of each such date held by financial institutions to collateralize our credit card programs. The standby letters of credit expire on May 31, 2031, December 31, 2033 and June 30, 2034. 

7.LONG-TERM DEBT

The following table presents the components of Long-term debt, net (in thousands, except interest rates): Maturity DateInterest Rate per Annum as of  September 30, 2025September 30, 2025December 31, 2024Revolving Equipment Notes2029SOFR + 1.75%$282,392 $317,484 Term Loan(1)202810.0%484,154 443,864 Total debt766,546 761,348 Less: Total unamortized debt discount and debt issuance costs342,633 353,292 Less: Current maturities of long-term debt30,342 31,748 Long-term debt, net$393,571 $376,308 __________________(1)    As of September 30, 2025, includes $7.0 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 (as defined below)) 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 until September 20, 2026 under the Revolving Credit Facility (as defined below).

14

Maturities of principal debt payments for the next five years for debt obligations outstanding as of September 30, 2025 are as follows (in thousands):MaturitiesRemainder of 2025$7,590 202630,332 202731,834 2028513,557 2029183,233 Total$766,546 Long-Term Debt Arrangements as of September 30, 20252024 Revolving Equipment Notes FacilityOn November 13, 2024 (the “Initial Revolving Equipment Notes Closing Date”), WUP LLC