News Releases

WestJet Announces Additional Aircraft and Debt Financing

Airline finalizes term sheet for three more aircraft and completes
financing for upcoming deliveries

CALGARY, July 18 /CNW/ - WestJet (TSX:WJA) today announced that it has
finalized a term sheet with BOC Aviation Pte. Ltd. (BOC Aviation), formerly
Singapore Aircraft Leasing Enterprise (SALE), for three Boeing Next-Generation
737 aircraft to be delivered in 2010. Details of the agreement include two
700-series aircraft scheduled for delivery in January and June 2010
respectively and one 800-series aircraft to be delivered in May 2010.
The BOC Aviation agreement also provides WestJet with the ability to
secure an additional two 700-series and one 800-series aircraft in 2011. The
700-series may be converted to 800-series at WestJet's option. Finalization of
the transaction is subject to a number of conditions.
Sean Durfy, WestJet President commented, "An important part of our growth
strategy includes increasing our capacity through fleet expansion. We have
seen a strong demand for WestJet's service in the domestic, transborder and
international markets. Having recently announced three new international
destinations, as well as approval by Transport Canada to fly into four Mexican
destinations, we are confident there are numerous profitable markets to deploy
our growing number of aircraft."
WestJet also completed a debt-financing facility (the "Facility")
arranged by ING Capital LLC and supported by loan guarantees from the
Export-Import Bank of the United States (Ex-Im Bank) for US $105.6 million.
The Facility, which includes ING Financial Holdings Corporation and Societe
Generale (Canada Branch) as lenders, will support the purchase of two Boeing
Next-Generation 737-700s and one 737-800 series aircraft.
WestJet will take delivery of the first of these Ex-Im supported aircraft
on July 19, 2007 and will acquire the remaining two aircraft by the end of
The Facility will be drawn in Canadian dollars in separate loans with
12-year terms for each aircraft. The three aircraft are part of WestJet's
current agreement with Boeing and is WestJet's fifth Ex-Im Bank supported
facility for aircraft.
WestJet currently has a registered fleet of 65 aircraft. By the end of
2010, based on current committed deliveries, the airline will have a
registered fleet of 88 aircraft.

WestJet is Canada's leading low-fare airline offering scheduled service
throughout its 38-city North American and Caribbean network. Named Canada's
most admired corporate culture in 2005 and 2006, WestJet pioneered low-cost
high-value flying in Canada. With increased legroom and leather seats on its
modern fleet of Boeing Next-Generation 737 aircraft, and live seatback
television provided by Bell ExpressVu on the majority of its fleet, WestJet
strives to be the number one choice for travellers.