Sun Communities Inc., a leading owner of RV parks and manufactured housing communities, announced Tuesday (Nov. 6) that it has priced an underwritten registered public offering of 3 million shares of its 7.125% Series A Cumulative Redeemable Preferred Stock  at $25 per share.

Net proceeds of the offering, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $72.1 million, or approximately $83 million if the underwriters’ option to purchase additional shares is exercised in full.

The Southfield, Mich.-based company intends to use up to $55.3 million of the net proceeds of the offering to fund the purchase price for the acquisition of four manufactured home communities located in Michigan that it has agreed to acquire, as previously disclosed, which, subject to the satisfaction of closing contingencies, is scheduled to close by Nov. 15.

The company intends to use the remaining net proceeds of the offering for financing activities, to fund possible future acquisitions of properties and for working capital and general corporate purposes.

In addition, the company has granted the underwriters a 30-day option to purchase an additional 450,000 shares of the Series A Preferred Stock on the same terms and conditions. The offering is expected to close on Nov. 14, subject to the satisfaction or waiver of customary closing conditions. Distributions on the Series A Preferred Stock will be paid quarterly in arrears on or about Jan. 15, April 15, July 15 and Oct. 15 of each year, commencing Jan. 15, 2013, at a rate per annum of 7.125% of the liquidation value of $25 per share (equivalent to $1.78125 per share per annum).

The company has applied to list the Series A Preferred Stock on the New York Stock Exchange under the symbol “SUI-PrA”, subject to official notice of issuance. The company expects that trading will commence within 30 days after initial delivery of the Series A Preferred Stock.

Citigroup and BofA Merrill Lynch are acting as joint book-running managers for the offering. BMO Capital Markets and Janney Montgomery Scott are acting as co-managers for the offering.