Sun Country Airlines Holdings Inc SNCY shares are trading lower by 8% to $15.56 Tuesday morning after the company announced a secondary offering of 4 million shares of its common stock by an affiliate of investment funds managed by Apollo Global Management.
Sun Country won't gain proceeds from this sale. Additionally, Sun Country plans to buy about $5 million worth of shares at the offering price through a Concurrent Share Repurchase, funded by their existing cash.
Barclays and Morgan Stanley are the joint bookrunners and underwriters for the offering, which may involve different sale methods and pricing on the Nasdaq Global Select Market.
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According to data from Benzinga Pro, SNCY has a 52-week high of $23.80 and a 52-week low of $12.39.
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