Sun Country Airlines Holdings, Inc.
Note: On April 11, 2018, Sun Country Airlines was acquired by the Apollo Funds, affiliated with the private equity firm, the Apollo Group.
Sun Country Airlines is a new breed of hybrid low-cost air carrier that dynamically deploys shared resources across our synergistic scheduled service, charter and cargo businesses. By doing so, we believe we are able to generate high growth, high margins and strong cash flows with greater resilience than other passenger airlines. We focus on serving leisure and visiting friends and relatives (“VFR”) passengers and charter customers and providing CMI service to Amazon, with flights throughout the United States and to destinations in Mexico, Central America and the Caribbean.
Based in Minnesota, we operate an agile network that includes our scheduled service business and our synergistic charter and cargo businesses. We share resources, such as flight crews, across our scheduled service, charter and cargo business lines with the objective of generating higher returns and margins and mitigating the seasonality of our route network. We optimize capacity allocation by market, time of year, day of week and line of business by shifting flying to markets during periods of peak demand and away from markets during periods of low demand with far greater frequency than nearly all other large U.S. passenger airlines. We believe our flexible business model generates higher returns and margins while also providing greater resiliency to economic and industry downturns than a traditional scheduled service carrier. As a result of our diversified and resilient business model, we believe we have been the best-performing mainline U.S. passenger airline in 2020 during the current COVID-19 induced industry downturn, based on pre-tax and operating income margins for the nine months ended Sept. 30, 2020.
Revenue of $401.49 million and a net loss of $3.9 million are for the 12 months ended Dec. 31, 2020; operating income for that period (the year ended Dec. 31, 2020) was $17.39 million, according to the prospectus.
(Note: Sun Country Airlines priced its IPO at $24 – above the top of its $21-to-$23 range on 9.09 million shares (same number of shares as in the prospectus) to raise $218.18 million.)
|Industry:||Air Transportation Scheduled|
|Address||2005 Cargo Road Minneapolis, MN 55450|
|Phone Number||(651) 681-3900|
|View Prospectus:||Sun Country Airlines Holdings, Inc.|
|Revenues||$401.49 mil (last 12 months)|
|Net Income||$-3.9 mil (last 12 months)|
|Price range||$24.00 - $24.00|
|Est. $ Volume||$218.2 mil|
|Manager / Joint Managers||Barclays/ Morgan Stanley/ Deutsche Bank Securities/ Goldman Sachs/ Nomura|
|CO-Managers||Apollo Global Securities|
|Expected To Trade:||3/17/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|