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CALGARY, Sept. 30 /CNW/ - WestJet Airlines Ltd. ("WestJet" or the "Company") (TSX: Common Voting Shares - WJA; Variable Voting Shares - WJA.A) is pleased to report that it has completed its previously announced bought-deal financing. At closing today, an aggregate of 15,398,500 Common Voting Shares and Variable Voting Shares (collectively, the "Shares") were issued at a price of C$11.20 per Share for aggregate gross proceeds of approximately C$172 million. This includes 2,008,500 Shares issued pursuant to the exercise by the underwriters of the full amount of the over-allotment option. The syndicate of underwriters was led by CIBC and included RBC Capital Markets, TD Securities Inc., National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., UBS Securities Canada Inc. and HSBC Securities (Canada) Inc.

WestJet intends to use the net proceeds of the offering to finance the Company's capital expenditures, including future aircraft financing activities and pre-delivery payments on new aircraft; for general working capital purposes, including aircraft maintenance, spare parts and support for new systems; and to maintain its capital position to enhance its flexibility for financing future growth activities.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States of America (the "United States") or to or for the benefit of U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.

About WestJet

WestJet is Canada's preferred airline, offering scheduled service throughout its 66-city North American and Caribbean network. Named one of Canada's most admired corporate cultures in 2005, 2006, 2007 and 2008, WestJet pioneered low-cost flying in Canada. WestJet offers increased legroom, leather seats and live seatback television provided by Bell TV on its modern fleet of 81 Boeing Next-Generation 737 aircraft. With future confirmed deliveries for an additional 54 aircraft through 2016, WestJet strives to be one of the five most successful international airlines in the world.

Forward-looking information and statements

This press release contains certain forward-looking information and statements that are based on WestJet's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In particular, this document contains forward-looking information and statements regarding: (i) the use of proceeds of the offering; and (ii) future capital expenditures and projects. In some cases, forward-looking information and statements can be identified by terminology such as "may," "will," "intends," "should," "expects," "projects," "plans," "anticipates," "contemplates," "targets," "believes," "strives," "estimates," "continue," "designed," "objective," "maintain," "schedule," "endeavour," "subject," "development," "confidence" and similar expressions.

The forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners, alliances and agreements; the continuation or completion of third party projects; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; fluctuations in operating results; the ability of WestJet to raise sufficient capital to complete future projects and satisfy future commitments; changes in consumer demand; general economic conditions; labour disruptions and certain other risks detailed from time to time in WestJet's public disclosure documents. WestJet believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, but no assurance can be given that these expectations, factors and assumptions will prove to be correct. Undue reliance should not be placed on these forward-looking statements as both known and unknown risks and uncertainties, including those business risks stated above, may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. WestJet does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.