Sun Country Airlines has announced the pricing of a previously-announced secondary public offering of 5,250,000 shares of its common stock.
The arrangement involves an affiliate of certain investment funds managed by affiliates of Apollo Global Management. The offering is expected to close on February 21 2023. The underwriter has also a 30-day option to purchase up to an additional 787,500 shares of common stock from the selling stockholder.
Sun Country Airlines said it is not selling any shares and will not receive any proceeds from the offering, but has agreed to purchase from the underwriter 750,000 shares of common stock that are the subject of the offering at a price per share equal to the price at which the underwriter will purchase such shares from the selling stockholder in the offering.
The airline said Barclays is the sole bookrunner and underwriter for the offering.