Sankaty Jet Capital Provides $68 Million Debt Facility to Wheels Up
Wheels Up (NYSE: UP) and Sankaty Jet Capital, a subsidiary of AIP Capital, closed a $68 million secured mezzanine facility on May 13, 2026.
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Rhea-AI Summary
Wheels Up (NYSE: UP) and Sankaty Jet Capital, a subsidiary of AIP Capital, closed a $68 million secured mezzanine facility on May 13, 2026.
The financing will support Wheels Up's fleet modernization, funding additional Phenom 300 and Challenger 300 Series aircraft over the next 18 months, secured initially by 51 existing aircraft appraised at about $277.8 million.
Positive
- $68 million committed secured mezzanine facility closed with Sankaty Jet Capital
- Financing supports fleet modernization and growth plan aircraft purchases
- Facility structure expected to accommodate additional aircraft over 18 months
Negative
- Facility is secured by 51 core aircraft pledged as collateral
Details
News Market Reaction – UP
On May 13, the day this news came out, UP closed 6.97% above the previous close.
Data tracked by StockTitan Argus for the May 13 session.
Key Figures
- Mezzanine facility size
- $68 million
- Secured mezzanine facility committed by Sankaty Jet Capital
- Collateral aircraft count
- 51 aircraft
- Existing aircraft securing the new mezzanine facility
- Appraised collateral value
- $277.8 million
- Total appraised value of 51 core aircraft securing the facility
- Acquisition window
- 18 months
- Expected period for additional aircraft acquisitions under the facility
Historical Context
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Q1 2026 results plus new Delta-led term loan and added liquidity.
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Announcement of scheduled release date for Q1 2026 financial results.
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Completion of fleet modernization 18 months early to Phenom and Challenger jets.
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Delta CFO joins board and new nominee expected ahead of annual meeting.
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1-for-20 reverse split to regain NYSE compliance and adjust share count.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
secured mezzanine facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Sankaty Jet Capital, a wholly owned subsidiary of AIP Capital, has committed capital through a new secured mezzanine facility
The capital will be used to facilitate the purchase of additional Phenom 300 and Challenger 300 Series aircraft as part of Wheels Up previously announced fleet modernization plans. The facility will be secured initially by 51 existing aircraft, representing core assets of the Wheel Up business, with a total appraised value of
"We are proud to commence our partnership with Wheels Up by providing a bespoke financing solution to support their fleet modernization program," said Ford von Weise, Chief Executive Officer at Sankaty.
Scott Debano, Head of Capital Markets at AIP Capital commented, "Wheels Up has solidified itself as the leading provider of on-demand private aviation. This coupled with our long-standing relationship with Delta Air Lines, which spans over two decades, created an opportunity for this transaction and we hope many more to come."
"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," said George Mattson, Chief Executive Officer at Wheels Up.
About AIP Capital
AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance including aviation and equipment finance. AIP, together with its affiliates, manages approximately
For more information about AIP Capital or to speak with company executives, please contact investor.relations@aipcapital.com.
About Sankaty Jet Capital
Sankaty Jet Capital's (Sankaty) mission is to redefine access to business aviation capital through deep industry insight, disciplined financial expertise, and long-term partnership. Guided by more than three decades of leadership in global business aviation finance, Sankaty was created to fill a long-standing gap in the business aviation finance marketplace and is focused on providing financing solutions to underserved market segments in the business aviation industry.
For more information about Sankaty Jet Capital or to speak with company executives, please contact investor.relations@sankatyjet.com.
About Wheels UP
Wheels Up (NYSE: UP) is a leading global provider of on-demand private aviation with a large, diverse fleet and a network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and premium commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo services to a range of clients, including individuals and government organizations via Air Partner Cargo. With the Wheels Up app and website, members can easily search, book, and fly.
For further information, visit www.wheelsup.com.
Media Contacts
AIP Capital
investor.relations@aipcapital.com
Sankaty Jet Capital
investor.relations@sankatyjet.com
Wheels Up
ir@wheelsup.com
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SOURCE Sankaty Jet Capital
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