Sun Country Airlines drops as Apollo's share sale priced

Sun Country Airlines Holdings

12/12/2023 12:51

** Shares of Sun Country Airlines  SNCY.O  down 5% at $16.07
premarket after overnight secondary offering priced
    ** Budget passenger/cargo carrier late Mon said 4 mln shares
sold by Apollo Global Management Inc  APO.N 
    ** Offering priced at $16.15, 4.5% discount to last sale,
according to market sources
    ** In addition, SNCY to buy approx $5 mln worth of shares
from the underwriters using cash on hand
    ** Private equity giant Apollo's stake reduced by ~7% to
~21%, or ~11.4 mln shares, per LSEG data
    ** SNCY has ~54.1 mln shares outstanding
    ** Barclays and Morgan Stanley jt bookrunners for the
offering
    ** SNCY shares up nearly 7% YTD through Mon, including ~33%
gain over the past month

 (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))