Wheels Up Experience has closed the previously announced investment by Delta Air Lines, Certares Management, Knighthead Capital Management and Cox Enterprises.

The new investment structure combines the experience of Delta with the travel and tourism focus of Certares and turnaround and restructuring experience of Knighthead. It includes an agreement for a $500 million credit facility to Wheels Up, with funds contributed by Delta and CK Wheels, which is co-managed by affiliates of Certares and Knighthead and Cox. The announcement follows last week’s selection of George Mattson as the company’s new CEO.

“This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability and long-term growth on behalf of our members and customers, as well as a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space,” Mattson said. “We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind seamless connection between private and premium commercial travel.”

“Wheels Up is an integral part of Delta’s portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space,” Dan Janki, chairman of Wheels Up and CFO of Delta, said. “This investment and new leadership puts Wheels Up on a strong path to future success.”

The credit facility is comprised of a $350 million term loan funded at closing from Delta, CK Wheels and Cox and a $100 million revolving credit facility from Delta. The terms of the credit agreement permit a new lender to provide a $50 million term loan after the closing date, as approved by Delta, Certares, Knighthead and Cox, and it is anticipated this additional funding will close in the near term.

In connection with the closing of the credit facility, the lenders will initially receive newly issued Wheels Up common stock representing 80% of the company’s outstanding equity as of the closing of the credit facility, on a fully diluted basis. After approval by Wheels Up’s stockholders of an amendment to its certificate of incorporation, the company will issue to the lenders additional new shares such that the lenders will own 95% of the company’s outstanding equity as of the closing of the credit facility, on a fully diluted basis.

Wheels Up also announced a new structure for its board of directors. Under the new structure, Delta Air Lines will appoint four directors, Certares and Knighthead each will appoint two directors, and Cox will appoint one director. In addition, one company executive will join the Board and two independent directors are expected to remain from the previous Board.

The parties were assisted in the transaction by a number of strategic advisors, including: Davis Polk, Jefferies, Kirkland & Ellis and PJT Partners.