UP - Wheels Up Finalizes New Investment with Kore Capital and Whitebox Advisors | Benzinga
The additional $40 million investment is expected to provide additional financial stability and working capital to execute our plans for future, profitable growth
NEW YORK, Nov. 16, 2023 /PRNewswire/ -- Wheels Up Experience (NYSE:UP) today announced that it has closed a new investment by Kore Capital and funds managed by Whitebox Advisors LLC on November?15,?2023.
These new investors join Delta Air Lines,?Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises, providing an additional term loan facility in the amount of $40 million under the existing Credit Agreement. Upon the closing of this new investment, the Credit Facility consists of the Term Loan in the amount of $390 ?million and the Revolving Credit Facility in the amount of $100?million.
"As discussed on our earnings call last week, we expect our cash balance at the end of the year will be flat to up versus third quarter levels, reflecting a stabilization of deferred revenue and working capital, the absence of the one-time transaction costs, and proceeds received from the additional term loan," said George Mattson, Wheels ...