Sun Communities Inc. today (Sept. 10) announced that it has commenced an underwritten public offering of 3 million shares of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional 450,000 shares of its common stock, according to a press release.
The company intends to use the net proceeds of the offering to pay off the entire amount outstanding under its senior secured revolving credit facility, to pay down additional debt facilities, to fund possible future acquisitions of properties and for working capital and general corporate purposes.
Based in Southfield, Mich., Sun Communities Inc. is a REIT that currently owns and operates a portfolio of 164 communities comprising approximately 57,092 developed sites.
Citigroupis acting as sole book-running manager for the proposed offering and BMO Capital Markets is acting as co- manager for the offering.