Wheels Up gains on securing $500 mln credit investment

Wheels Up Experience

21/09/2023 11:53

** Shares of private jet charter company Wheels Up
Experience  UP.N  rise 5.5% to $2.87 premarket 
    ** Co finalizes $500 mln credit facility from Delta Air
Lines  DAL.N , Certares Management, Knighthead Capital
Management and Cox Enterprises
    ** Investment size is 7x Wheels Up's market cap
    ** Lenders to get new UP stock representing 80% of equity on
closing of facility, and further shares to hold 90% once UP
shareholders approve amending certificate of incorporation
    ** Delta to appoint four directors to Wheels Up board,
Certares and Kinghthead to appoint two each and Cox one 
    ** News comes a week after Wheels Up appointed Delta board
member its new CEO 
    ** Wheels Up stock has tumbled nearly 74% so far this year
though Wednesday
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))