Sun Country Airlines drops as Apollo sells shares

Sun Country Airlines Holdings

11/12/2023 21:39

** Sun Country Airlines'  SNCY.O  shares drop ~5% in
extended trading after co launches secondary offering
    ** Budget passenger/cargo carrier announces Apollo Global
Management Inc  APO.N  to sell 4 mln shares
    ** Also, SNCY to buy up to $5 mln worth of shares from the
underwriters using cash on hand
    ** PE giant Apollo owns about 15.39 mln shares for ~28.4%
stake in SNCY, LSEG data showed
    ** SNCY has ~54.1 mln shares outstanding and ~53.87 mln of
free float
    ** Barclays and Morgan Stanley jt bookrunners for the
offering
    ** SNCY shares closed down 1.1% at $16.91 on Mon. Stock up
6.6% YTD 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))