Deal Details
Follow-On Offering
Summary
Baird served as co-manager on this offering.
About
Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) recently completed a follow-on offering of 3,737,500 common shares at a price of $65.00 per share, generating gross proceeds of approximately $242.9 million. Sun Communities intends to use the net proceeds from this offering to repay a portion of the borrowings outstanding under the revolving loan under its senior credit facility, to fund possible future acquisitions of properties and for working capital and general corporate purposes.Sun Communities is a self-administered and self-managed real estate investment trust, or REIT. Sun Communities owns, operates and develops manufactured housing (“MH”) and recreational vehicle (“RV”) communities concentrated in the midwestern, southern and southeastern United States. The Company has been in the business of acquiring, operating, developing and expanding manufactured housing communities since 1975. As of September 30, 2015 it owned and operated a portfolio of 251 properties located in 30 states, including 200 MH communities, 37 RV communities and 14 properties containing both MH and RV sites for a total aggregate of 93,718 developed sites. Sun Communities is based in Southfield, Michigan.
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- Date
- November 2015
- Company
- Sun Communities, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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