Business
Sankaty Jet Capital Provides $68 Million Debt Facility to Wheels Up
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.
About this update from Wheels Up Experience Inc.
[{"type":"text","content":"Sankaty Jet Capital, a wholly owned subsidiary of AIP Capital, has committed capital through a new secured mezzanine facility","length":125,"tagName":"p"},{"type":"text","content":"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.","length":520,"tagName":"p"},{"type":"image","alt":"Sankaty Jet Logo","displaySize":"","headline":null,"caption":"Sankaty Jet Logo","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":225,"url":"https://media.zenfs.com/en/prnewswire.com/e8d75842de8af52bb24b54c39a25a373"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/X2eHuaIJAPd_kdtwaXjISA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5NztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/e8d75842de8af52bb24b54c39a25a373","width":400,"height":225},"resize_sm":{"url":"https://s.yimg.com/ny/api/res/1.2/PWCH6NrzVA3ts4nUe9scvA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTM2MDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/e8d75842de8af52bb24b54c39a25a373","width":400,"height":225}}},{"type":"text","content":"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.","length":439,"tagName":"p"},{"type":"text","content":""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.","length":212,"tagName":"p"},{"type":"text","content":"Scott Debano, Head of Capital Markets at AIP Capital commented, "Wheels Up has solidified itself as the leadin...