Sun Country Airlines’ $250 Million Secondary Offering

Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Sun Country Airlines Holdings, while Davis Polk advised the representatives of the several underwriters in the offering.

Sun Country Airlines Holdings, Inc., a hybrid low-cost air carrier, and selling stockholder SCA Horus Holdings, LLC, an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced a secondary offering of 7,250,000 shares of Sun Country’s common stock by the selling stockholder. The shares in the secondary offering were priced at $34.50 per share, for gross proceeds of approximately $250 million to the selling stockholder.

Barclays, Morgan Stanley and Deutsche Bank Securities acted as joint lead bookrunners for the offering and Goldman Sachs & Co. LLC and Nomura acted as joint bookrunners for the offering. Apollo Global Securities, AmeriVet Securities, Siebert Williams Shank and Tribal Markets, LLC acted as co-managers for the offering.

Based in Minneapolis, Minnesota, Sun Country Airlines is a new breed of hybrid low-cost air carrier that dynamically deploys shared resources across its synergistic scheduled service, charter and cargo businesses. Sun Country Airlines focuses on serving leisure and visiting friends and relatives (“VFR”) passengers and charter customers and providing cargo services, with flights throughout the United States and to destinations in Mexico, Central America and the Caribbean.

The Paul, Weiss team advising Sun Country included corporate partners Brian Janson (Picture) and Brian Finnegan; tax partner Brad Okun; and executive compensation partner Andrew Gaines and counsel Lisa Krausz Eisenberg.

The Davis Polk corporate team included partner Michael Kaplan and associates Carrie Guo and Amber Leary. The tax team included partner Mario J. Verdolini and associate Bree Gong. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Daniel P. Kearney. Counsel David A. Zilberberg provided environmental advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Bree Gong – Davis Polk & Wardwell; Carrie Guo – Davis Polk & Wardwell; Daniel Kearney – Davis Polk & Wardwell; Amber Leary – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Brian Finnegan – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Brian Janson – Paul Weiss Rifkind Wharton & Garrison; Lisa Krausz Eisenberg – Paul Weiss Rifkind Wharton & Garrison; Brad Okun – Paul Weiss Rifkind Wharton & Garrison; Michael Kaplan – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett;

Clients: AmeriVet Securities; Apollo Global Securities; Barclays Bank; Deutsche Bank Securities; Goldman Sachs & Co.; Morgan Stanley; Siebert Williams Shank & Co. LLC; Sun Country Airlines; Tribal Capital Markets;

Author: Martina Bellini