Sankaty Jet Capital provides $68 million debt facility to Wheels Up

STAMFORD, Conn. and NEW YORK, May 14, 2026 /PRNewswire/ -- Sankaty Jet Capital ("Sankaty" or "the Company"), a business aviation lending platform focused on providing financing solutions for counterparties across the business aviation industry and a wholly-owned subsidiary of AIP Capital ("AIP"), and Wheels Up Experience Inc. (NYSE: UP), ("Wheels Up") a leading provider of on-demand private aviation, announced the closing of a $68 million committed 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 ~$277.8 million, and is expected to accommodate the acquisition of additional aircraft over the next 18 months.

"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.

For further information, visit www.wheelsup.com.