Sun Country Airlines Holdings, Inc. Announces Pricing of Secondary Public Offering of Common Stock and Concurrent Share Repurchase
Sun Country Airlines (NASDAQ: SNCY) announced the pricing of a secondary public offering of 6,346,105 shares of common stock by an Apollo Global Management affiliate (the Selling Stockholder), representing their entire remaining stake in the company. The offering is expected to close on February 11, 2025.
Concurrent with the offering, Sun Country will purchase approximately $10 million worth of shares from the underwriters at the same price, funded from existing cash. The company itself is not selling any shares and will not receive proceeds from the offering.
Barclays and Morgan Stanley are serving as joint bookrunners and underwriters for the offering, which will be conducted through various methods including direct sales, brokerage transactions, and negotiated deals on the Nasdaq Global Select Market.
Sun Country Airlines (NASDAQ: SNCY) ha annunciato il prezzo di un'offerta pubblica secondaria di 6.346.105 azioni di azioni ordinarie da parte di un'affiliata di Apollo Global Management (l'Azionista Venditore), che rappresenta la loro intera quota residua nella società. Si prevede che l'offerta si concluda il 11 febbraio 2025.
In concomitanza con l'offerta, Sun Country acquisterà circa $10 milioni di azioni dagli underwriter al medesimo prezzo, finanziato tramite fondi esistenti. La società stessa non sta vendendo alcuna azione e non riceverà proventi dall'offerta.
Barclays e Morgan Stanley stanno fungendo da bookrunner e underwriter congiunti per l'offerta, che sarà condotta attraverso vari metodi tra cui vendite dirette, transazioni tramite intermediazione e accordi negoziati sul Nasdaq Global Select Market.
Sun Country Airlines (NASDAQ: SNCY) anunció el precio de una oferta pública secundaria de 6,346,105 acciones de acciones ordinarias por parte de una afiliada de Apollo Global Management (el Vendedor de Acciones), que representa su totalidad restante en la compañía. Se espera que la oferta se cierre el 11 de febrero de 2025.
De manera concurrente a la oferta, Sun Country comprará aproximadamente $10 millones en acciones de los suscriptores al mismo precio, financiado con efectivo existente. La compañía no está vendiendo ninguna acción y no recibirá ingresos de la oferta.
Barclays y Morgan Stanley están actuando como bookrunners y suscriptores conjuntos para la oferta, que se llevará a cabo mediante diversos métodos que incluyen ventas directas, transacciones de corretaje y acuerdos negociados en el Nasdaq Global Select Market.
썬 카운트리 항공사 (NASDAQ: SNCY)는 6,346,105 주식의 일반 주식에 대한 추가 공모 가격을 발표했습니다. 이는 아폴로 글로벌 매니지먼트의 계열사인 판매 주주가 소유한 회사의 남은 전체 지분을 나타냅니다. 이번 공모는 2025년 2월 11일에 마감될 예정입니다.
공모와 동시에 썬 카운트리는 언더라이터로부터 동일한 가격으로 약 $1천만의 주식을 구매할 예정이며, 이는 기존 현금으로 자금 조달됩니다. 회사 자체는 주식을 판매하지 않으며 이번 공모로부터 수익을 얻지 않습니다.
바클레이스와 모건 스탠리가 공동 북런너 및 언더라이터로서 이번 공모를 진행하며, 이는 직접 판매, 중개 거래 및 나스닥 글로벌 선택 시장에서의 협상 거래를 포함한 다양한 방법으로 이루어질 것입니다.
Sun Country Airlines (NASDAQ: SNCY) a annoncé le prix d'une offre publique secondaire de 6 346 105 actions d'actions ordinaires par une filiale d'Apollo Global Management (l'Actionnaire Vendeur), représentant la totalité de leur participation restante dans l'entreprise. On s'attend à ce que l'offre se clôture le 11 février 2025.
Conjointement à l'offre, Sun Country achètera environ 10 millions de dollars d'actions auprès des souscripteurs au même prix, financé par les liquidités existantes. La société elle-même ne vend aucune action et ne recevra pas de produits de l'offre.
Barclays et Morgan Stanley agissent comme co-animateurs de livres et souscripteurs de l'offre, qui sera réalisée par divers moyens, y compris des ventes directes, des transactions de courtage et des accords négociés sur le Nasdaq Global Select Market.
Sun Country Airlines (NASDAQ: SNCY) hat die Preisfestsetzung für ein sekundäres öffentliches Angebot von 6.346.105 Aktien von Stammaktien durch eine Tochtergesellschaft von Apollo Global Management (der verkaufende Aktionär) bekannt gegeben, welches ihren gesamten verbleibenden Anteil an dem Unternehmen repräsentiert. Es wird erwartet, dass das Angebot am 11. Februar 2025 abgeschlossen wird.
Parallel zu dem Angebot wird Sun Country etwa 10 Millionen US-Dollar an Aktien von den Underwritern zum gleichen Preis erwerben, finanziert aus vorhandenen Mitteln. Das Unternehmen selbst verkauft keine Aktien und wird keine Erlöse aus dem Angebot erhalten.
Barclays und Morgan Stanley fungieren als gemeinsame Bookrunner und Underwriter für das Angebot, das durch verschiedene Methoden wie Direktverkäufe, Brokerage-Transaktionen und verhandelte Geschäfte am Nasdaq Global Select Market durchgeführt wird.
- Complete exit of Apollo Global Management, potentially reducing external influence on company decisions
- $10 million share repurchase demonstrates confidence in company's value and benefits remaining shareholders
- Large secondary offering of 6.3M shares could create temporary selling pressure on stock price
Insights
The complete exit of Apollo Global Management from Sun Country Airlines represents a pivotal moment in the company's ownership structure. The sale of 6.3M shares constitutes a significant secondary offering that will increase the public float and potentially enhance trading liquidity. The concurrent
The timing and structure of this transaction warrant careful analysis. Apollo's complete exit could be interpreted multiple ways - it might suggest they've achieved their investment objectives, or it could indicate their view on the airline sector's near-term prospects. The decision to execute this as a clean exit rather than through multiple smaller transactions suggests confidence in market absorption capacity.
The company's decision to repurchase shares simultaneously is particularly noteworthy for three reasons:
- It helps absorb some of the selling pressure from the secondary offering
- Signals management's belief that the stock represents good value at current levels
- Demonstrates strong cash position, as the repurchase will be funded from existing cash reserves
For investors, this transaction creates both opportunities and considerations. The increased float should improve trading dynamics and potentially reduce volatility. However, the removal of a sophisticated institutional investor like Apollo could temporarily impact market sentiment. The key focus should be on the company's fundamental performance and growth trajectory, which will ultimately drive long-term value creation.
MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Sun Country Airlines Holdings, Inc. (NASDAQ: SNCY) (“Sun Country Airlines”) today announced the pricing of the previously announced secondary public offering of 6,346,105 shares of its common stock by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. (the “Selling Stockholder”), which represent all the remaining shares owned by the Selling Stockholder. The offering is expected to close, subject to customary closing conditions, on February 11, 2025.
Sun Country Airlines is not selling any shares and will not receive any proceeds from the offering.
In addition, Sun Country Airlines has agreed to purchase from the underwriters approximately
Barclays and Morgan Stanley are acting as joint bookrunners and underwriters for the offering. The underwriters 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 was made only by means of a preliminary prospectus supplement and accompanying base prospectus related to the offering. Copies of the preliminary prospectus supplement and accompanying base prospectus, and when available, copies of the final prospectus supplement and accompanying base prospectus, related to the offering 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 or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.
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. A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission and is effective.
About Sun Country Airlines
Sun Country Airlines is a new breed of hybrid low-cost air carrier, whose mission is to connect guests to their favorite people and places, to create lifelong memories and transformative experiences. Sun Country 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 service to Amazon, with flights throughout the United States and to destinations in Mexico, Central America, Canada, and the Caribbean.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These forward-looking statements include statements regarding the public offering and the Concurrent Share Repurchase and are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this press release, including statements regarding the expected timing, size, and completion of the offering, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. The forward-looking statements are relating to:
- our strategy, outlook and growth prospects;
- our operational and financial targets and dividend policy;
- general economic trends and trends in the industry and markets;
- potential repurchases of our common stock; and
- the competitive environment in which we operate.
These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
These forward-looking statements reflect our views with respect to future events as of the date of this press release and are based on assumptions and subject to risks and uncertainties. These risks and uncertainties include, but are not limited to, completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and other factors included or incorporated by reference under “Risk Factors” in the preliminary prospectus supplement on Form 424(b)(3) and the accompanying base prospectus, including those included in Sun Country Airlines’ Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release. We anticipate that subsequent events and developments will cause our views to change. You should read this press release completely and with the understanding that our actual future results may be materially different from what we expect. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements. Additional information concerning certain factors is contained in Sun Country Airlines’ Securities and Exchange Commission filings, including but not limited to Sun Country Airlines’ Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
This press release was published by a CLEAR® Verified individual.
FAQ
How many shares are being sold in Sun Country Airlines' (SNCY) secondary offering?
What is the size of SNCY's concurrent share repurchase program?
When will Sun Country Airlines' (SNCY) secondary offering close?
Will Sun Country Airlines receive any proceeds from the secondary offering?
Who are the underwriters for SNCY's secondary offering?
