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Why Wheels Up Experience Stock Soared Higher Today

TheMotleyFool

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Why Wheels Up Experience Stock Soared Higher Today: https://g.foolcdn.com/editorial/images/705096/view-of-idyllic-sea-and-land-from-the-window-of-an-airplane.jpg

True to its name, Wheels Up Experience (NYSE: UP) had quite the up session on the stock market Monday. The private jet charter operator saw its share price climb nearly 13% skyward on news of a fresh round of capital raising.

Before market open, Wheels Up said that a subsidiary of the company has issued equipment notes -- a form of corporate bond -- in the aggregate principal amount of $270 million. All told, the net proceeds of the issue will be around $259 million.

The equipment notes are secured by primary liens on several aircraft in Wheels Up's fleet. They mature in seven years, and their annual coupon is a fairly expensive 12%.

Source Fool.com

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