Sun Communities Inc., a real estate investment trust (‘REIT’) that owns and operates or has an interest in manufactured housing communities, RV resorts and marinas, has announced that its operating partnership, Sun Communities Operating Limited Partnership, has priced a public offering of $600 million aggregate principal amount of 2.700% senior notes due 2031.
The public offering price for the notes was 99.467% of the principal amount for an effective yield to maturity of 2.761%. The notes will be senior unsecured obligations of the operating partnership, guaranteed fully and unconditionally by the company. The offering is expected to close on or about June 28 subject to customary closing conditions.
The Operating Partnership intends to use the net proceeds of the offering to repay borrowings outstanding under its senior credit facility, to fund possible future acquisitions of properties, and for working capital and general corporate purposes.
Citigroup, J.P. Morgan, BofA Securities, BMO Capital Markets and RBC Capital Markets are acting as the joint book-running managers for the offering. Citizens Capital Markets, Fifth Third Securities, Huntington Capital Markets, Regions Securities LLC, Truist Securities, US Bancorp, Wells Fargo Securities, PNC Capital Markets LLC, Wedbush Securities and Ramirez & Co., Inc. are acting as the co-managers for the offering.
The notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, N.Y. 11717 (Tel: 800-831-9146 or email to: ); by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, N.Y. 10179, Attention: Investment Grade Syndicate Desk, or by telephone at 212-834-4533; or by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, N.C. 28255-0001, Attention: Prospectus Department.
A prospectus supplement related to the offering will also be available free of charge on the SEC’s website.
The press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.
