WestJet Announces Prospectus Offering of Common Voting Shares and Variable Voting Shares


    CALGARY, Sept. 9 /CNW/ - WestJet Airlines Ltd. ("WestJet" or the
"Company") (TSX: Common Voting Shares - WJA; Variable Voting Shares - WJA.A)
is pleased to announce that it has entered into an agreement with a syndicate
of underwriters led by CIBC, and including 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., pursuant to
which the underwriters have agreed to purchase from WestJet and sell to the
public an aggregate of 13,390,000 Common and Variable Voting Shares (the
"Shares") of the Company from treasury, with an over-allotment option to
purchase up to an additional 2,008,500 Shares, exercisable in whole or in part
for a period of 30 days from closing of the offering to cover over-allotments
and for market stabilization purposes, if necessary. The purchase price of
$11.20 per Share will result in gross proceeds of approximately $150 million
assuming that the over-allotment option is not exercised, and approximately
$172.5 million if the over-allotment option is fully exercised. Closing is
expected to occur on or about September 30, 2009 and is subject to customary
conditions and regulatory approvals, including the approval of the Toronto
Stock Exchange. The Shares will be offered pursuant to a short form prospectus
to be filed by WestJet in each of the provinces of Canada.
    WestJet intends to use the net proceeds of the offering to finance
WestJet's capital expenditures, including future aircraft financing
activities, and for general corporate purposes.
    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. All sales will be made through registered securities
dealers in jurisdiction where the offering has been qualified for
    Common Voting Shares may only be owned and controlled by Canadians. Any
Common Voting Share owned or controlled by a person who is not a Canadian is,
or must be, converted to a Variable Voting Share. Variable Voting Shares may
only be owned or controlled by persons who are not Canadians. Therefore, any
Variable Voting Share owned or controlled by a person who is a Canadian is, or
must be, converted to a Common Voting Share. Purchasers of Offered Shares who
are Canadians will receive Common Voting Shares and purchasers of Offered
Shares who are not Canadians will receive Variable Voting Shares. "Canadian"
is defined under subsection 55(1) of the Canada Transportation Act (Canada),
as amended, as "a Canadian citizen or a permanent resident within the meaning
of subsection 2(1) of the Immigration and Refugee Protection Act (Canada), a
government in Canada or an agent of such a government or a corporation or
other entity that is incorporated or formed under the laws of Canada or a
province, that is controlled in fact by Canadians and of which at least
seventy-five per cent, or such lesser percentage as the Governor in Council
may by regulation specify, of the voting interests are owned and controlled by

    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 offering of Common Voting Shares
and Variable Voting Shares of WestJet, (ii) the projected closing date of the
offering; (iii) the use of proceeds of the offering; and (iv) future capital
expenditures and projects. In some cases, forward-looking information and
statements can be identified by terminology such as "may", "will", "should",
"expects", "projects", "plans", "anticipates", "contemplates", "targets",
"believes", "strives", "estimates", "continue", "designed", "objective",
"maintain", "schedule", "endeavor", "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.

For further information:

For further information: WestJet Media Relations: 1-888-WJ 4 NEWS
(1-888-954-6397), E-mail: ropalmer@westjet.com; WestJet Investor Relations:
1-877-493-7853, E-mail: investor_relations@westjet.com, Website:

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