Sun Country Airlines Announces Repayment of CARES Act Loan

Rhea-AI Summary

Sun Country Airlines announced the repayment of a $45 million U.S. Treasury loan obtained through the CARES Act. The airline repaid a total of $46.3 million, including principal and interest, following its successful IPO on March 19, 2021. President and CFO Dave Davis expressed appreciation for the government's support during the pandemic and highlighted the company's swift loan repayment.

Sun Country Airlines is a hybrid low-cost carrier based in Minnesota, providing scheduled service, charter, and cargo operations across the U.S., Mexico, Central America, and the Caribbean.

Positive

• Successful repayment of the U.S. Treasury loan of $46.3 million, signaling financial stability.
• Completion of the IPO on March 19, 2021, providing funds for loan repayment.

Negative

• None.

MINNEAPOLIS, March 25, 2021 (GLOBE NEWSWIRE) -- 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.

About Sun Country Airlines

Sun Country Airlines is a new breed of hybrid low-cost air carrier that dynamically deploys shared resources across our synergistic scheduled service, charter and cargo businesses. Based in Minnesota, we focus on serving leisure and visiting friends and relatives ("VFR") passengers and charter customers and providing cargo CMI services, with flights throughout the United States and to destinations in Mexico, Central America and the Caribbean.

Contacts

Media
Jessica Wheeler
651-900-8400
mediarelations@suncountry.com

Investor Relations
Bill Trousdale
651.681.4810
IR@suncountry.com

SOURCE Sun Country Airlines Holdings, Inc.

FAQ

What was the amount of the loan repaid by Sun Country Airlines?

Sun Country Airlines repaid a total of $46.3 million, which includes the $45 million principal and accrued interest.

When did Sun Country Airlines complete its IPO?

Sun Country Airlines completed its IPO on March 19, 2021.

Why did Sun Country Airlines receive a loan from the U.S. Treasury?

Sun Country Airlines received the loan through the CARES Act to provide stability during the pandemic.

How quickly did Sun Country Airlines repay the loan?

Sun Country Airlines repaid the loan quickly following its IPO, highlighting its financial recovery.