Sun Country announces offering of 5.25M shares of common stock for holders

Sun Country Airlines Holdings announced the commencement of a proposed secondary public offering of 5.25M shares of its common stock by an affiliate of certain investment funds managed by affiliates of Apollo Global Management. In addition, Sun Country Airlines has authorized the purchase from the underwriter of up to 750K shares of common stock that are the subject of the proposed offering at a price per share equal to the price at which the underwriter will purchase the shares from the selling stockholder in the proposed offering, subject to a maximum aggregate repurchase price of $15M. The concurrent share repurchase would be made pursuant to Sun Country Airlines’ previously announced $50M stock repurchase program and reduce remaining availability under the stock repurchase program. Sun Country Airlines plans to fund the concurrent share repurchase from existing cash on hand. Barclays is acting as sole bookrunner and underwriter for the proposed offering.