Sun Country Airlines Announces Stock Offering

(RTTNews) - Sun Country Airlines Holdings, Inc. (SNCY), a Minnesota-based air carrier, Monday launched a secondary public offering of 6,346,105 common stock shares, sold by an affiliate of investment funds managed by Apollo Global Management, Inc. This offering marks the full divestment of the Selling Stockholder's remaining shares.

Sun Country Airlines is not issuing any shares and will not receive any proceeds from the offering.

The company has approved a $10 million share repurchase from the underwriters at the same price they acquire shares from the Selling Stockholder. This Concurrent Share Repurchase will be funded using the company's existing cash reserves and is capped at a total purchase price of $10 million.

SNCY is currently trading at $17.07 OR 3.42% higher on the NASDAQ Global Select Market.