WestJet withdraws $500 million secured notes offering, upsizes loan

By Paul A. Harris

Portland, Ore., Jan. 31 – WestJet Loyalty LP withdrew a $500 million offering of seven-year senior secured notes from the market on Wednesday, according to market sources.

The proceeds shifted to a concurrent term loan, which upsized to $1.5 billion from $1 billion.

Barclays had been at the left of a syndicate of deal-runners managing the proposed bond sale, which had been marketed on an investor roadshow.

The Calgary, Alta.-based airline came to the debt capital market to raise cash in order to partially repay its term loan B due 2026.

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