Company: UP
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001819516-25-000028
Chunk: 35

Company: Wheels Up Experience Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 35
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 such dates, and $5.0 million 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. The Restricted cash balances as of March 31, 2025 and December 31, 2024 also included $23.6 million and $18.8 million, respectively, related to funds held but unavailable for immediate use due to contractual restrictions. 

13

6.LONG-TERM DEBT

The following table presents the components of Long-term debt, net (in thousands, except weighted average interest rates): Maturity DateInterest Rate per Annum as of  March 31, 2025March 31, 2025December 31, 20242024 Revolving Equipment Notes2029SOFR + 1.75%$308,908 $317,484 Term Loan(1)202810.0%456,915 443,864 Total debt765,823 761,348 Less: Total unamortized debt discount and debt issuance costs351,401 353,292 Less: Current maturities of long-term debt31,658 31,748 Long-term debt, net$382,765 $376,308 (1)   As of March 31, 2025, includes $3.1 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 (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 under the Revolving Credit Facility (as defined below).Maturities of principal debt payments for the next five years for debt obligations outstanding as of March 31, 2025 are as follows (in thousands):MaturitiesRemainder of 2025$23,743 202631,658 202733,240 2028491,802 2029185,380 Total$765,823 Long-Term Debt Arrangements as of March 31,