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On November 14, Wheels Up announced it had secured approximately $332 million in revolving financing from Bank of America. The company also revealed the acquisition of GrandView Aviation's fleet of light aircraft, comprising 17 Embraer Phenom 300s and Embraer Phenom 300Es. This acquisition includes related maintenance assets and customer programs. This marks the first phase of Wheels Up's fleet modernization program, initially announced on October 22 at the National Business Aviation Administration (NBAA) Business Aviation Conference and Exhibition in Las Vegas.
Wheels Up previously outlined plans to modernize its active fleet during the NBAA-BACE event earlier this year. The acquisition of GrandView Aviation's assets is a key component of this initiative. The new funding was secured with backing from Delta Air Lines, which holds a significant stake in Wheels Up. George Mattson, CEO of Wheels Up, commented on the financial arrangements: "The company's new $332 million revolving equipment notes facility, backed by credit support from Delta Air Lines, refinanced Wheels Up's existing owned fleet, financed the purchase of GrandView's fleet, and will provide additional borrowing access to support the completion of Wheels Up's fleet transition."
The newly acquired Embraer Phenom 300 series jets will be added to Wheels Up’s certificate over the coming months. These jets are among the best-selling light business jets in recent years and are favored within the charter industry.
