Wheels Up, a provider of on-demand private aviation in the U.S., closed a new investment from Kore Capital and funds managed by Whitebox Advisors, who joined Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises in providing Wheels Up with an additional $40 million term loan facility under the company’s existing credit agreement. Upon the closing of this new investment, Wheels Up’s Credit Facility consists of a $390 million term loan and a $100 million revolving credit facility.

The additional $40 million investment is expected to provide additional financial stability and working capital for Wheels Up to execute its growth plans.

“As discussed on our earnings call last week, we expect our cash balance at the end of the year will be flat to up vs. third quarter levels, reflecting a stabilization of deferred revenue and working capital, the absence of the one-time transaction costs, and proceeds received from the additional term loan,” George Mattson, CEO of Wheels Up, said. “We are very pleased with the commitment from our new investors and the resources they are providing in addition to their capital.”

In connection with closing the additional term loan, Wheels Up completed the second issuance of shares of common stock to the lenders on Nov. 15, such that the lenders now hold shares equal to approximately 95% of the company’s outstanding equity on a fully diluted basis as of Sept. 15 after giving effect to such issuance.