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Sun Country Airlines Announces Pricing of Initial Public Offering, Shares to Start Trading Today

Sun country has announced that their initial public offering of 9,090,909 shares of common stock will be priced at $24.00 per share. The underwriters have been granted a 30-day option to purchase up to 1,363,636 shares.

Sun Country Prices IPO at $24.00 per Share - Courtesy Sun Country Airlines

On Tuesday (March 16, 2021), Sun Country Airlines Holdings, Inc. announced that their initial public offering (IPO) of 9,090,909 common stock shares will be priced at $24.00 per share. The underwriters have been granted an option to acquire up to 1,363,636 shares at the IPO offering price (less underwriting discounts and conditions). Sun Country shares are expected to begin trading on the Nasdaq Global Select market under the symbol ‘SNCY’ today (March 17, 2021) and the offering is expected to close on March 19, 2021, subject to closing conditions.

The airline expects gross proceeds from the offering of approximately $218.2 million, before underwriting discounts and commissions, and $250.9 million if the underwriters exercise their full over-allotment option. Sun Country expects to use a portion of the net proceeds to fully repay all outstanding loans under The U.S. Cares Act, while the remainder will be used for general corporate purposes. Barclays, Morgan Stanley and Deutsche Bank Securities are acting as lead joint bookrunners on the offering, while Goldman Sachs & Co. LLC and Nomura are acting as joint bookrunners. Acting co-managers for the offering include Apollo Global Securities, AmeriVet Securities, Siebert Williams Shank and Tribal Capital Markets LLC.

Sun Country Airlines was founded in 1983 by a small group of pilots and flight attendants. The award winning Minneapolis-St. Paul based airline has distinguished itself as a leader in leisure travel over its 37 years of service. The Sun Country brand encourages guests to ‘Get to Going’ with low fares and safe, reliable, nonstop service to over 50 amazing destinations across the U.S., Canada, Mexico, Central America and the Caribbean. The carrier offers services through their Sun Country Charters and Sun Country Vacations divisions, and the airline also provides cargo CMI services.

Source: Sun Country Airlines


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