Sun Country Airlines descends on Apollo's share sale

Sun Country Airlines Holdings

16/02/2023 13:17

** Sun Country Airlines Holdings Inc's  SNCY.O  shares down
4.9% at $19.99 premarket after overnight secondary offering
prices
    ** Budget passenger/cargo carrier late Weds said Apollo
Global Management Inc  APO.N  sold 5.25 mln shares  urn:newsml:reuters.com:*:nGNX2t7CLp
    ** Sources say offering priced at $20 vs stock's $21.03 last
sale
    ** Sun Country to purchase 787,500 offering shares from sole
underwriter Barclays
    ** Private equity giant Apollo reduces stake by ~9% to ~35%,
or ~19.6 mln shares, per the prospectus filing
    ** Earlier this month, SNCY posted Q4 rev and EPS beat, and
forecast Q1 2023 rev of $280-$290 mln compared to Refinitiv est
of ~$251 mln  urn:newsml:reuters.com:*:nTUA5HXDZK
    ** Through Weds close, SNCY shares up nearly 33% following
42% fall 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))