Wheels Up Experience Inc

NYSE:UPUnited States

Oct 22, 2024

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• DJ Wheels Up Experience Updates Aircraft Fleet With Acquisitions, from 5:44PM ET on Tuesday Oct 22, 2024 by Dow Jones

  5:44PM ET on Tuesday Oct 22, 2024 by Dow Jones
  Companies Mentioned: UP
  
  Wheels Up Experience said it aims to opportunistically acquire a fleet of pre-owned Bombardier Challenger 300 and Challenger 350 aircraft through the secondary market. "Wheels Up Experience Updates Aircraft Fleet With Acquisitions," at 5:44 p.m. ET on Oct. 22, incorrectly said the company would buy a fleet of the aircraft.
  

• Wheels Up Announces Fleet Modernization Strategy and Associated Transactions, from 4:40PM ET on Tuesday Oct 22, 2024 by PR Newswire

  4:40PM ET on Tuesday Oct 22, 2024 by PR Newswire
  Companies Mentioned: UP

  Wheels Up to transition its current jet fleets to Phenom 300 Series and Challenger 300 Series aircraft

  Entered into agreement to acquire GrandView Aviation's entire fleet of17 Phenom 300 and Phenom 300E aircraft

• Wheels Up Announces Fleet Modernization Strategy and Associated Transactions, from 4:40PM ET on Tuesday Oct 22, 2024 by Dow Jones

  4:40PM ET on Tuesday Oct 22, 2024 by Dow Jones
  Companies Mentioned: UP
  
  This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of the control of Wheels Up Experience Inc. (the "Company", "Wheels Up", "our", "us" or "we"). These forward-looking statements include, but are not limited to, statements regarding: (i) the acquisition of 17 Embraer Phenom 300 and Phenom 300E aircraft and certain related maintenance assets to support the fleet, and existing customer program from GrandView Aviation LLC (the "GrandView Acquisition"), and any expected benefits or impacts to the Company as a result of the GrandView Acquisition or operation of the assets acquired as part of the GrandView Acquisition after closing, including the Company's ability to consummate the closing of such acquisition on the schedule that it currently anticipates; (ii) the commitment letter entered into between Wheels Up and Bank of America, N.A. and the up to $332 million senior secured revolving credit facility (the "Revolving Facility") contemplated thereby, including the expected terms of the Revolving Facility, the ability to use net proceeds from the Revolving Facility to fund the GrandView Acquisition, the refinancing of the Company's existing equipment notes, the potential receipt and expected use of any remaining net proceeds from the initial closing under the Revolving Facility (including the potential future acquisition of aircraft using such net proceeds, assumptions regarding the consummation of aircraft sales currently under contract and other factors that may impact the amount of remaining net cash proceeds expected to be delivered to Wheels Up from such initial closing), the ability of the Company to reborrow under the Revolving Facility in the future, and the ability of the Company to consummate such financing on the terms and timeline that it currently anticipates; and (iii) the Company's fleet modernization strategy described herein and the ability of the Company to execute such strategy, as well as the expected operational and financial impacts to the Company from implementing such strategy on the timeline that it currently anticipates. The words "anticipate," "continue," "could," "expect," "plan," "potential," "should," "would," "pursue" and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on March 7, 2024 and the Company's other filings with the SEC from time to time. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company does not intend to update any of these forward-looking statements after the date of this press release.
  

• Press Release: Wheels Up Announces Fleet Modernization Strategy and Associated Transactions, from 4:40PM ET on Tuesday Oct 22, 2024 by Dow Jones

  4:40PM ET on Tuesday Oct 22, 2024 by Dow Jones
  Companies Mentioned: UP