Brief: Delta, Certares & Knighthead To Invest $500 mln In Wheels Up For 95% Stake - Statement

Wheels Up Experience

15/08/2023 15:43

Aug 15 (Reuters) - Wheels Up Experience Inc  UP.N 
    * DELTA, CERTARES AND KNIGHTHEAD ACCELERATE WHEELS UP
BUSINESS
TRANSFORMATION WITH EXPANDED STRATEGIC PARTNERSHIP - STATEMENT
    * LENDERS TO GET NEWLY ISSUED WHEELS UP CLASS A COMMON STOCK
RESULTING IN LENDERS OWNING ABOUT 95% OF PRO FORMA EQUITY OF CO
ON DILUTED BASIS
    * SAYS FACILITY COMPRISED OF $400 MILLION TERM LOAN AND A
$100
MILLION LIQUIDITY FACILITY FROM DELTA, TOTALING $500 MILLION TO
WHEELS UP - STATEMENT
    * DELTA WILL PROVIDE WHEELS UP WITH $150 MILLION IN NEW
MONEY TERM
LOANS AND A $100 MILLION LIQUIDITY FACILITY - STATEMENT
    * ADDITIONAL $150 MILLION TERM LOAN WILL BE PROVIDED UNDER
THE
FACILITY BY CK OPPORTUNITIES- STATEMENT
    * DELTA CHIEF FINANCIAL OFFICER DAN JANKI WILL JOIN THE
BOARD OF
DIRECTORS AS CHAIRMAN
    * RAVI THAKRAN WILL TRANSITION BACK TO DIRECTOR FROM HIS
ROLE AS
EXECUTIVE CHAIRMAN
    * TO DATE OTHER INVESTORS HAVE AGREED TO JOIN DELTA, CK
OPPORTUNITIES TO PROVIDE $50 MILLION IN TERM LOANS UNDER
FACILITY - STATEMENT

Further company coverage:  DAL.N  UP.N 

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