|Bid||30.85 x 0|
|Ask||30.87 x 0|
|Day's Range||30.85 - 30.88|
|52 Week Range||16.71 - 31.00|
|Beta (3Y Monthly)||-0.14|
|PE Ratio (TTM)||21.69|
|Forward Dividend & Yield||0.56 (1.82%)|
|1y Target Est||N/A|
Investors are seeking additional protection in volatile credit markets by asking companies to increase guaranteed minimum returns on leveraged loans, as fears grow that falling US interest rates could drag Libor lower, hitting their returns. Floating-rate loans pay an interest margin plus Libor, but investors’ returns are falling as Libor rates tumble. Consulting firm Teneo, WestJet Airlines and urgent care provider CityMD added ‘Libor floors’ of 1% to boost guaranteed minimum returns on their leveraged loans, and protect investors against further drops in Libor as US interest rates fall.
Moody's Investors Service ("Moody's") assigned ratings to Kestrel Bidco Inc. (dba "WestJet Airlines") consisting of a Ba3 corporate family rating (CFR), Ba3-PD probability of default rating, and Ba2 ratings to the company's proposed new senior secured revolving credit facility and senior secured first lien term loan. When the acquisition closes, expected around September, 2019, Moody's will withdraw all WestJet ratings, including its' Ba1 CFR, Ba1-PD PDR, Ba2 senior unsecured rating and SGL-2 liquidity rating, currently under review for possible downgrade.
WestJet Airlines Ltd, which is being acquired by Onex Corp, reported a surprise quarterly profit and better-than-expected revenue on Friday while many airlines have warned of financial hits from the grounding of the Boeing Co 737 MAX jets. WestJet, which has grounded its 13 737 MAX jets, said it had been able to re-accommodate the majority of passengers on alternate flights. The 737 MAX, which had been Boeing’s fastest-selling aircraft thanks to its fuel-efficient engines and longer range, was grounded worldwide in March after an Ethiopian Airlines plane plunged to the ground soon after take-off, five months after a similar Lion Air fatal crash off the coast of Indonesia.
The C$31 per share deal, announced in May, received a green light from Canada's transport minister last month. WestJet has reported a decline in net profit for each of the last three years, hurt by rising fuel costs, pressure on ticket prices and other problems. The WestJet purchase will be led by Onex Partners, Onex's private equity platform focused on larger investments.
Canadian airlines and flight crews are forbidden to consume cannabis for at least 28 days before going on duty, the country's transportation regulator said on Thursday. Transport Canada's new policy, which is effective immediately, says no person should work while "under the influence of any drug," according to statement posted on its website. Canada became the first developed country in the world to legalize cannabis in October 2018.
Real estate developer Group Mach Inc said on Tuesday it offered to acquire Canadian tour operator Transat AT Inc for C$527.6 million ($392.9 million), topping an earlier offer from Air Canada. A deal with Transat would help Mach expand in the leisure and hospitality business by leveraging its expertise to ramp up the development of Transat's hotel chains. Mach said it would take Transat private at C$14 per share in cash, C$1 more than Air Canada's all-cash offer that valued the parent company of leisure carrier Air Transat at C$520 million.
All airlines flying in and out of Canada will be required to compensate travelers for incidents like denied boarding or lost luggage, starting on July 15, Transport Minister Marc Garneau said at Pearson International Airport outside Toronto on Friday. The passenger bill of rights, first announced two years ago, will be phased in, with more complex requirements related to flight delays and cancellations to come into force on Dec. 15, Garneau said, following complaints from airlines that they would have difficulty meeting the July deadline. Airlines have come under increased scrutiny from regulators and the public for incidents such as lost luggage and overbooking, after a 2017 video of a passenger being dragged off a United Airlines flight in Chicago went viral, generating public outrage.
Futures for Canada's main stock index were little changed on Wednesday ahead of April inflation data. June futures on the S&P/TSX index were down 0.02% at 7:00 a.m. ET. The monthly CPI inflation data is ...
Billionaire Gerry Schwartz's $2.6 billion bid for WestJet Airlines is a bet his private equity firm's deep pockets and patience will help the Canadian carrier weather challenges and build a more formidable competitor against market leader Air Canada, industry analysts and executives said on Tuesday. Buyout firm Onex Corp pitched its offer at a rich 67% premium to the stock's Friday closing price, which would make it the world's biggest private equity-backed airline acquisition, according to Refinitiv data. Onex saw an opportunity in Canada's aviation market duopoly to build up the Calgary-based low-cost carrier against Air Canada, even in a country where high commercial aviation fees and surcharges are regularly derided by airlines, a source familiar with Onex's thinking told Reuters.
Moody's Investors Service ("Moody's") has placed WestJet Airlines Ltd.'s ("WestJet") Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating (PDR) and its Ba2 Senior Unsecured rating on review for possible downgrade. WestJet's SGL-2 speculative grade liquidity rating remains unchanged.
The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Onex Corp, the Toronto-based company ...
The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Consumers can sue Apple Inc for forcing them to buy apps exclusively ...