Sun Country Airlines descends as Apollo to cut stake

Sun Country Airlines Holdings

15/02/2023 22:09

** Shares of Sun Country Airlines  SNCY.O  down ~5%
post-market on secondary offering launch
    ** Apollo Global Management Inc  APO.N  to sell 5.25 mln
shares of the budget passenger/cargo carrier  urn:newsml:reuters.com:*:nGNX9Z6vs4
    ** Private equity giant Apollo looks to cut stake by ~9% to
~35%, or ~19.6 mln shares, per the prospectus filing
    ** Barclays sole underwriter for offering slated to price
overnight
    ** Earlier this month, SNCY posted Q4 rev and EPS beat, and
forecast Q1 2023 rev of $280-$290 mln, topping Refinitiv est of
~$251 mln  urn:newsml:reuters.com:*:nTUA5HXDZK
    ** SNCY shares on Weds closed up 0.4% at $21.03, extending
YTD gain to about 33%. Stock lost 42% in 2022
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))