Stamford, Connecticut and New York

Wheels Up accelerates fleet modernization with $68m
Sankaty Jet Capital financing

Wheels Up has secured a $68m committed secured mezzanine facility from Sankaty Jet Capital, a wholly-owned subsidiary of AIP Capital, to fuel its fleet modernization program - a transition the company has now completed approximately 18 months ahead of schedule.

The facility will support the purchase of additional Phenom 300 and Challenger 300 Series aircraft, the two platforms at the center of Wheels Up's streamlined fleet strategy. It is secured initially by 51 existing aircraft with a total appraised value of approximately $277.8m, and is structured to accommodate further aircraft acquisitions over the next 18 months.

The financing comes as Wheels Up announces the retirement of its legacy jet fleets - including Citation X and Hawker 400XP aircraft - from revenue service, completing a transition first announced in October 2023 far earlier than expected. The company's on-fleet operations now run exclusively on Phenom 300 and Challenger 300 Series aircraft.

Wheels Up accelerates fleet modernization with $68m Sankaty Jet Capital financing

"Achieving this milestone over a year ahead of schedule reflects the focus and discipline behind our fleet modernization strategy," said George Mattson, Chief Executive Officer of Wheels Up. "This strategic financing with Sankaty and AIP not only provides the investment capital needed to execute our growth plan but reflects confidence in the progress we're making towards building a strong and sustainable business."

Ford von Weise, CEO of Sankaty Jet Capital, called the facility a "bespoke financing solution" designed to support Wheels Up's modernization program, while Scott Debano, Head of Capital Markets at AIP Capital, cited the firm's long-standing relationship with Delta Air Lines - spanning over two decades - as a key factor in bringing the deal together.

By consolidating around two aircraft types, Wheels Up aims to drive scale efficiencies across fleet availability, operational performance, and customer demand. The company says customer satisfaction ratings on its Phenom and Challenger offerings have already improved.

Members with legacy fleet commitments will continue to be served through Wheels Up's network of safety-vetted third-party partner operators, with broader charter options available through its controlled fleet, partner network, and Delta Air Lines relationship.