Sun Country Airlines Holdings, Inc. (“Sun Country Airlines”) (NASDAQ: SNCY) today announced the repayment of a U.S. Treasury loan it received through the CARES Act.
“We appreciate the support from the U.S. Government which helped provide stability for our customers and our employees during the pandemic,” said Sun Country Airlines President and CFO Dave Davis, “And we are pleased to be in a position to repay this loan so quickly.”
Through the 2020 CARES Act legislation, U.S. airlines were given access to loans through the U.S. Treasury Department. Sun Country Airlines applied for and received a $45 million loan through this program in October 2020. Sun Country has repaid $46.3 million, which includes all outstanding principal and accrued interest on the loan, to the U.S. Treasury Department.
Sun Country Airlines closed its initial public offering on March 19, 2021. Proceeds from that offering were used to repay the loan.