(RTTNews) - Sun Country Airlines Holdings, Inc. (SNCY) Monday announced that it has priced its previously announced secondary public offering of approximately 6.3 million shares of common stock.
The shares are being sold by an affiliate of investment funds managed by Apollo Global Management, Inc., marking the full exit of Apollo's stake in the airline.
Sun Country Airlines is not issuing any new shares and will not receive proceeds from the offering. However, the company has agreed to repurchase approximately $10 million worth of shares from the underwriters at the same price they are purchased from the selling shareholder.
The offering, funded by existing cash reserves, is expected to close on February 11.
SNCY is currently trading at $16.55, down 0.30 percent or $0.05 on the Nasdaq.
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