Sun Country Airlines Holdings, Inc. Initiates Secondary Public Offering and Concurrent Share Repurchase

Sun Country Airlines Holdings, Inc. recently announced the launch of a proposed secondary public offering of 6,346,105 shares of its common stock. These shares, valued at a par value of $0.01 per share, are being offered by an affiliate of certain investment funds managed by Apollo Global Management, Inc., known as the Selling Stockholder. Notably, this offering encompasses all the remaining shares owned by the Selling Stockholder.

It should be noted that Sun Country Airlines itself is not partaking in the sale of any shares, and consequently, will not be benefiting financially from this offering. Concurrently, the company specified that it has permitted the purchase of approximately $10 million worth of shares of Common Stock that are the subject of the proposed secondary public offering from the underwriters. This purchase will occur at a price per share equivalent to that at which the underwriters will acquire the shares from the Selling Stockholder during the proposed offering, with a maximum total repurchase amount of $10 million.

The terms and conditions of this Concurrent Share Repurchase have undergone review and approval by the audit committee of Sun Country Airlines’ board of directors, along with the full board of directors. A press release containing detailed information on this development has been issued by the company and is annexed to the filed report as Exhibit 99.1.

Furthermore, Barclays and Morgan Stanley have been appointed as joint bookrunners and underwriters for this offering. These underwriters have the authority to sell the common stock shares through various means, such as brokerage transactions, negotiated transactions, or other methods, on the Nasdaq Global Select Market. The shares will be offered in compliance with the applicable regulations and guidelines.

This announcement has been made public through a press release by Sun Country Airlines Holdings, Inc., dated February 10, 2025. The complete details and specifications regarding the offering can be obtained from the designated underwriters upon availability.

Investors and analysts should note that this press release does not serve as an offer to sell or a solicitation to buy any securities. Additionally, there will be no sales of these securities in any jurisdiction or state where such an action would be considered illegal without prior registration or qualification under the relevant securities laws.

Sun Country Airlines, described as a hybrid low-cost air carrier, aims to enhance guest experiences by connecting them to their desired destinations. The company prioritizes leisure and visiting friends and relatives (VFR) passengers, charter customers, and cargo service, including partnerships with Amazon, for flights across the United States and to various international destinations.

The forward-looking statements expressed in this press release, pursuant to the U.S. Private Securities Litigation Reform Act of 1995, involve risks and uncertainties that could impact the actual outcomes of the proposed offering and the Concurrent Share Repurchase. Interested parties are advised to review the accompanying cautionary statements as well as the associated risk factors mentioned in the preliminary prospectus supplement and base prospectus to gain a comprehensive understanding of the situation.

Contacts for further information:
Investor Relations – Chris Allen, 651-681-4810, [email protected]
Media Relations – [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sun Country Airlines’s 8K filing here.

Sun Country Airlines Company Profile

Sun Country Airlines Holdings, Inc, an air carrier company, operates scheduled passenger, air cargo, charter air transportation, and related services in the United States, Latin America, and internationally. It operates through two segments, Passenger and Cargo. The company also provides crew, maintenance, and insurance services through ad hoc, repeat, short-term, and long-term service contracts; and loyalty program rewards.