Emirates and TAP Air Portugal sign MOU to expand strategic partnership
March 18, 2021European Commission approves $419 million state loan to Finnair
March 18, 2021Sun Country Airlines Holdings, Inc. has announced the pricing of its initial public offering (IPO) of 9,090,909 shares of its common stock at an initial public offering price of $24.00 per share. Sun Country Airlines has granted the underwriters a 30-day option to purchase up to an additional 1,363,636 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol “SNCY” on March 17, 2021. The offering is expected to close on March 19, 2021, subject to customary closing conditions.
Sun Country Airlines expects the gross proceeds of the offering to be approximately $218.2 million, before deducting underwriting discounts and commissions, or $250.9 million if the underwriters exercise their over-allotment option in full. Sun Country Airlines intends to use a portion of the net proceeds from the offering to repay in full all amounts outstanding under the CARES Act Loan and to pay fees and expenses in connection with the offering. The remainder of the net proceeds will be used for general corporate purposes.
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