Sun Communities Inc. announced Monday (Jan. 9) that it plans to offer 4 million shares of its common stock in an underwritten registered public offering. The Southfield, Mich.-based real estate investment trust expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock, according to a news release.
The company intends to use the net proceeds of the offering to fund a portion of the purchase price of three recreational vehicle communities located in Florida that it agreed to acquire, as previously disclosed, and to repay outstanding debt. The company expects to use any remaining net proceeds of the offering to fund possible future acquisitions of properties and for working capital and general corporate purposes.
Sun currently owns and operates a portfolio of 159 communities comprising approximately 54,800 developed sites.
Citigroup and BofA Merrill Lynch are acting as joint book-running managers for the proposed offering.
The offering is being made 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, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, Telephone: (800) 831-9146, or by email at email@example.com, or by contacting BofA Merrill Lynch, 4 World Financial Center, New York, New York, 10080, Attn: Prospectus Department or by email at firstname.lastname@example.org.
For more information about Sun Communities Inc. visit www.suncommunities.com.