Wheels Up Experience, a private aviation provider, announced a series of major aircraft, commercial and financing transactions that, according to the company, lay the foundation for the company’s fleet modernization strategy. Upon closing, the transactions will initiate the transition of Wheels Up’s four existing jet aircraft types to two of “the most preferred and successful aircraft types in the industry” — Embraer’s Phenom 300 and Phenom 300E aircraft; and Bombardier’s Challenger 300 and Challenger 350 aircraft.

Once complete, said the announcement, the transition of Wheels Up’s jet aircraft to the Phenom 300 series and Challenger 300 series models is expected to lower the average aircraft age of its fleet by approximately 10 years — a fleet transition with wide-reaching operational implications, including expected improvement in operational performance, operational efficiency and, in turn, an enhanced customer experience.

George Mattson, CEO, said, “We believe our fleet modernization strategy and the enabling transactions we are announcing will allow us to deliver those solutions with a best-in-class aircraft fleet, with an elevated customer experience to match.”

The announcement also said Wheels Up has entered into a commitment letter with Bank of America for a five-year, up to $332 million senior secured revolving credit facility. The company anticipates that the revolving facility will close in the fourth quarter.

Delta Air Lines, which alongside other investors bought 95% of Wheels Up in 2023, is expected to provide credit support for the new financing, enhancing Wheels Up’s access to capital and on more attractive terms than would otherwise be available. Ed Bastian, Delta’s CEO, said that in the year since the investment in Wheels Up, that company’s operational performance, financial progress and the successful revamp of its customer offering “have validated our decision to embark on this one-of-a-kind strategic partnership.”