Deal Details
Sun Communities Completes $650.8 Million Follow-On Offering
Summary
Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) recently completed a follow-on offering of 4,968,000 shares of common stock (including full exercise of the overallotment option) at a price of $131.00 per share, generating gross proceeds of approximately $650.8 million. The Company expects to use the net proceeds to repay 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.
Baird served as co-manager on this offering.
About
Sun Communities is a publicly traded real estate investment trust that primarily owns and operates or has an interest in manufactured housing and recreational vehicle communities. As of March 31, 2020, the Company owned, operated, or had an interest in a portfolio of 424 communities comprising nearly 142,000 developed sites in 33 states and Ontario, Canada. Sun Communities is headquartered in Southfield, Michigan.CONTACT US TO LEARN MORE
- Date
- May 2020
- Company
- Sun Communities, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Verticals
-
Real Estate
- Target Geography
- North America
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