Sun Communities to Sell Off 4.5 Million Shares
Sun Communities Inc. announced that it plans to offer 4.5 million shares of its common stock in an underwritten registered public offering.
Southfield, Mich.-based Sun Communities owns and operates a portfolio of 183 RV and manufactured housing communities comprising approximately 67,380 developed sites.
The company expects to grant the underwriters a 30-day option to purchase up to an additional 675,000 shares of its common stock.
The company intends to use the net proceeds of the offering to repay outstanding debt, to fund possible future acquisitions of properties and for working capital and general corporate purposes.
BofA Merrill Lynch, Citigroup and BMO Capital Markets are acting as joint book-running managers for the proposed offering.