other material
confidence high
sentiment neutral
materiality 0.65
Apollo affiliate launches 4M-share secondary offering; Sun Country to repurchase $5M
Sun Country Airlines Holdings, Inc.
- Secondary offering of 4,000,000 shares by affiliate of Apollo Global Management; underwriters have 30-day option for additional 600,000 shares.
- Company will not receive any proceeds from the offering; selling stockholder receives all proceeds.
- Company authorized ~$5 million repurchase of shares from underwriters at offering price, funded from cash on hand.
- Barclays and Morgan Stanley are joint bookrunners for the offering.
- The repurchase will reduce remaining availability under Sun Country's existing stock repurchase program.