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WestJet Group Refinances Majority of Existing Term Loan Facility, Extending Maturity to 2031

WestJet Group has refinanced the majority of their existing term loan facility secured by WestJet’s brand and the WestJet Rewards loyalty program.  The new facility extends the maturity of the company’s term loan borrowings to 2031.

WestJet Boeing 737NG - Courtesy WestJet

On Tuesday (February 13, 2024), WestJet announced that they have refinanced the majority of their existing term loan facility secured by the WestJet brand and the WestJet Rewards loyalty program.  The new secured term loan facility capitalizes on WestJet’s ratings upgrade and strong financial performance, while extending the maturity of the majority of the Group’s term loan borrowings to 2031.  At December 31, 2023, WestJet had over $2.0 in liquidity, and the company’s pro forma adjusted net leverage ratio was approximately three times EBITDA.  Subject to customary conditions, the closing of the new facility is expected to occur on February 14, 2024.  Barclays Bank PLC acted as the sole administrative and structuring agent for the new facility.

In Tuesday’s announcement, WestJet Group’s Chief Financial Officer, Mike Scott, said,

“We are very pleased with this innovative structure, secured by our loyalty program and brand.  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.

“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.”

In 27 years of service, WestJet has cut airfares for Canadians in half and increased the flying population around Canada by over 50 percent.  The airline launched in 1996 with three aircraft, 250 employees and five destinations, and has now grown to more than 180 aircraft and 14,000 employees, offering service to over 100 destinations in 26 countries.


Source: WestJet


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