Sun Country Airlines Closes $250 Million IPO and $100 Million Concurrent Private Placement

Paul, Weiss advised Sun Country Airlines Holdings, Inc. in its initial public offering of 10,454,545 shares of its common stock at $24.00 per share, generating proceeds of approximately $251 million, before deducting underwriting discounts and commissions. Sun Country Airlines is a Minnesota-based low-cost air carrier that dynamically deploys shared resources across scheduled service, charter and cargo businesses.

Paul, Weiss also advised SCA Horus Holdings, the majority stockholder of Sun Country Airlines Holdings, Inc., in its $100 million private placement of common stock to certain qualified institutional buyers, which closed concurrently with the initial public offering.

Sun Country intends to use a portion of the net proceeds from the initial public offering to repay in full all amounts outstanding under the CARES Act Loan and to pay fees and expenses in connection with the initial public offering. The remainder of the net proceeds will be used for general corporate purposes. Barclays, Morgan Stanley and Deutsche Bank Securities acted as lead joint bookrunners for the initial public offering, and Goldman Sachs & Co. LLC and Nomura acted as joint bookrunners. Apollo Global Securities, AmeriVet Securities, Siebert Williams Shank and Tribal Capital Markets, LLC acted as co-managers for the initial public offering. Barclays acted as placement agent for the private placement.

The Paul, Weiss team included, among others, corporate partners Brian Janson, Brian Finnegan, Gregory Ezring and Brad Finkelstein, and counsel Rosita Lee; tax partner Brad Okun; and executive compensation counsel Lisa Eisenberg.