WestJet Airlines to launch $2.31 billion credit facilities on Monday

By Sara Rosenberg

New York, July 26 – WestJet Airlines Ltd. is scheduled to hold a bank meeting at 10 a.m. ET on Monday to launch $2,305,000,000 of credit facilities, according to a market source.

Barclays, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Citigroup Global Markets Inc., UBS Investment Bank, BMO Capital Markets, Bank of Nova Scotia and TD Securities (USA) LLC are the lead arrangers on the deal.

The facilities consist of a $350 million revolver and a $1,955,000,000 seven-year first-lien term loan, the source said.

Proceeds will be used to help fund the buyout of the company by Onex Corp. for C$31.00 per share. The transaction is valued at about C$5 billion, including assumed debt.

Other funds for the acquisition will come from equity.

Closing is expected in the latter part of 2019 or early 2020, subject to court and shareholder approval, and regulatory approvals.

WestJet is a Calgary, Alta.-based airline company.

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