News Releases

WestJet Group refinances majority of existing term loan facility secured by WestJet Rewards loyalty program and WestJet's brand

CALGARY, AB, Feb. 13, 2024 /CNW/ - Today, WestJet Group Inc. announced that it extended the maturity of the substantial majority of its term loan borrowings to 2031. WestJet did so by entering into a new secured term loan facility, capitalizing on its ratings upgrade and its strong financial performance, which exceed its pre-COVID earnings.

"We are very pleased with this innovative structure, secured by our loyalty program and brand," said WestJet Group Chief Financial Officer Mike Scott. "This opportunistic refinancing transaction enhances our financial flexibility and was oversubscribed, which is reflective of the strength of the WestJet Rewards Loyalty program and the WestJet brand."

WestJet's liquidity is in excess of $2 billion and its pro forma adjusted net leverage ratio at year-end 2023 was approximately three times adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

"We are the only airline of scale in North America that did not require any sector-specific government aid, incur any third-party debt, or issue any equity during the pandemic. Instead, we focused on keeping our balance sheet clean to capitalize on our ambitious growth plan, fuelled by the largest narrowbody orderbook of any airline in Canada," continued Scott.  

The closing of the new facility is subject to customary conditions and is expected to occur on February 14, 2024.

Barclays Bank PLC acted as sole administrative agent and structuring agent for the new facility.

About WestJet

In 27 years of serving Canadians, WestJet has cut airfares in half and increased the flying population in Canada to more than 50 percent. WestJet launched in 1996 with three aircraft, 250 employees and five destinations, growing over the years to more than 180 aircraft, 14,000 employees and more than 120 destinations in 26 countries.

For more information about everything WestJet, please visit

References to "liquidity" in this press release mean unrestricted cash and availability under WestJet's revolving credit facility.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of applicable securities regulations. These statements relate to future events, including management's expectations, beliefs, intentions, plans or projections relating to the future, and some of these statements can be identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "seeks," "future," "continue," "contemplate," "plans," "predicts," "would," "will," "may," "should" and the negative or other variations of those terms or comparable terminology or by discussion of strategy, plans, opportunities or intentions. Forward-looking statements in this press release include, without limitation, statements related to the closing of the New Term Loan Facility. Actual results, performance or achievements may vary materially from those anticipated by the forward-looking statements.

Because forward-looking statements are subject to assumptions and uncertainties, actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements. WestJet Group cautions not to place undue reliance on such statements, which speak only as of the date such statements are made. Except to the extent required by applicable law or regulation, WestJet Group undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE WESTJET, an Alberta Partnership