Sun Country Airlines Holdings, Inc. (NASDAQ: SNCY) (“Sun Country Airlines”) today announced the commencement of a proposed secondary public offering of 5,250,000 shares of its common stock by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholder”).
The underwriter will have a 30-day option to purchase up to an additional 787,500 shares of common stock from the Selling Stockholder. Sun Country Airlines is not selling any shares and will not receive any proceeds from the proposed offering.
In addition, Sun Country Airlines has authorized the purchase from the underwriter of up to 750,000 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 $15 million (the “Concurrent Share Repurchase”). The Concurrent Share Repurchase would be made pursuant to Sun Country Airlines’ previously announced $50 million 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. The underwriter for the offering may offer the shares of common stock for sale from time to time directly or through agents, or through brokers in one or more brokerage transactions on the Nasdaq Global Select Market, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The offering will be made only by means of a preliminary prospectus supplement and accompanying base prospectus related to the offering, copies of which, when available, may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 888-603-5847, or by email at Barclaysprospectus@broadridge.com.