Wheels Up Announces Fleet Modernization and Wi-Fi Upgrade

Wheels Up Experience Inc. has entered into a sale-leaseback agreement for 10 aircraft (3 Bombardier Challenger 300 series and 7 Embraer Phenom 300 series) with UMB Bank, N.A. The transaction, valued at approximately $105 million, allows Wheels Up to retain operational control of the aircraft while selling them to an institutional capital provider and entering into long-term operating leases. The company expects to receive approximately $40 million in net cash proceeds after repaying $65 million in debt. These proceeds, along with the unlocked borrowing capacity, will fund the acquisition of additional aircraft as part of their fleet modernization strategy. Concurrently, Wheels Up has placed its first Phenom 300 aircraft equipped with Gogo Galileo HDX satellite Wi-Fi into service, with plans to upgrade its fleet throughout 2026 to enhance in-flight connectivity. The company anticipates no operational impact to members and customers from these transactions.