Sun Country Airlines Holdings, Inc. Announces Pricing of Initial Public Offering

Rhea-AI Summary

Sun Country Airlines announced the pricing of its IPO at $24.00 per share, offering 9,090,909 shares. The IPO is set to trade on Nasdaq under the symbol SNCY starting March 17, 2021, with closure expected on March 19, 2021. The gross proceeds could reach approximately $218.2 million, or up to $250.9 million if the over-allotment option is fully exercised. Funds will be used to repay CARES Act loans and for general corporate purposes.

Positive

• IPO priced at $24.00 per share, raising up to $250.9 million if the underwriters exercise their option.
• Proceeds will repay CARES Act loans, enhancing financial stability.

Negative

• Issuing new shares could lead to potential dilution for existing shareholders.

MINNEAPOLIS, March 16, 2021 /PRNewswire/ -- Sun Country Airlines Holdings, Inc. ("Sun Country Airlines") today announced the pricing of its initial public offering of 9,090,909 shares of its common stock at an initial public offering price of $24.00 per share. Sun Country Airlines has granted the underwriters a 30-day option to purchase up to an additional 1,363,636 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "SNCY" on March 17, 2021. The offering is expected to close on March 19, 2021, subject to customary closing conditions.

Sun Country Airlines expects the gross proceeds of the offering to be approximately $218.2 million, before deducting underwriting discounts and commissions, or $250.9 million if the underwriters exercise their over-allotment option in full. Sun Country Airlines intends to use a portion of the net proceeds from the offering to repay in full all amounts outstanding under the CARES Act Loan and to pay fees and expenses in connection with the offering. The remainder of the net proceeds will be used for general corporate purposes.

Barclays, Morgan Stanley and Deutsche Bank Securities are acting as joint lead bookrunners for the offering, and Goldman Sachs & Co. LLC and Nomura are acting as joint bookrunners for the offering. Apollo Global Securities, AmeriVet Securities, Siebert Williams Shank and Tribal Capital Markets, LLC are acting as a co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, 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, Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York, New York 10014 or Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com.

A registration statement on Form S-1 relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

Press Contacts

Gladstone Place Partners
Christina Stenson / Felipe Ucrós
212-230-5930

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SOURCE Sun Country Airlines Holdings, Inc.

FAQ

What is the IPO price for Sun Country Airlines?

Sun Country Airlines priced its IPO at $24.00 per share.

When will Sun Country Airlines begin trading on Nasdaq?

Sun Country Airlines will begin trading on Nasdaq under the symbol SNCY on March 17, 2021.

How much is Sun Country Airlines expected to raise from its IPO?

Sun Country Airlines expects to raise approximately $218.2 million, or up to $250.9 million if the over-allotment option is exercised.

What will Sun Country Airlines do with the IPO proceeds?

The proceeds will be used to repay CARES Act loans and for general corporate purposes.

What are the risks associated with Sun Country Airlines' IPO?

A risk associated with the IPO is potential dilution for existing shareholders due to the issuance of new shares.