By Cristal Cody
Eureka Springs, Ark., June 13 – WestJet Airlines Ltd. priced $400 million of 3.5% senior notes due June 16, 2021 on Monday with a spread of 240 basis points over Treasuries, according to a market source and a company release.
The notes (Baa2/BBB-/) came at the tight end of talk for a spread of Treasuries plus 250 bps, plus or minus 10 bps.
Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the bookrunners.
WestJet intends to use the proceeds for general corporate purposes, which includes the purchase of aircraft.
The company is a Calgary, Alta.-based airline.
| Issuer: | WestJet Airlines Ltd.
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| Amount: | $400 million
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| Maturity: | June 16, 2021
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| Securities: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
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| Coupon: | 3.5%
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| Spread: | Treasuries plus 240 bps
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| Pricing date: | June 13
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| Settlement date: | June 16
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Distribution: | Rule 144A, Regulation S
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| Price guidance: | Treasuries plus 250 bps, plus or minus 10 bps
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