Delta Air Lines Increases Stake and Provides $57M Term Loan to Wheels Up Experience Inc.

On June 2, 2026, Delta Air Lines, Inc. filed Amendment No. 7 to its Schedule 13D regarding Wheels Up Experience Inc. (UP), reporting a beneficial ownership of 13,168,465 shares, representing approximately 36.3% of the class. This amendment primarily details a new financial commitment where Delta, alongside Cox Investment Holdings and CK Wheels LLC, entered into a 2026 Term Loan Credit Agreement dated May 29, 2026. Under this agreement, the lead lenders provided an unsecured term loan facility of $100 million, with Delta's specific commitment totaling $57 million. The loan carries a 12% annual interest rate and is scheduled to mature as early as May 29, 2029. Additionally, Delta remains subject to a prior voting agreement that neutralizes its voting power for any shares held in excess of 29.9% of the company's outstanding stock. The filing also updated the list of covered persons and confirmed conforming amendments to existing credit facilities to accommodate the new debt incurrence.