|View printer-friendly version|
|SUN COMMUNITIES, INC. COMMENCES PUBLIC OFFERING OF 3,250,000 SHARES OF COMMON STOCK|
Southfield, MI, September 8, 2016 - Sun Communities, Inc. (NYSE: SUI) (the "Company") today announced that it has commenced an underwritten public offering of 3,250,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 487,500 shares of its common stock.
The Company intends to use the net proceeds of the offering to repay borrowings outstanding under the revolving loan under its senior credit facility, to fund possible future acquisitions and for working capital and general corporate purposes.
Citigroup and BofA Merrill Lynch are acting as joint book-running managers for the offering.
The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 telephone: (800) 831-9146 or by contacting BofA Merrill Lynch, NC-001-03-043, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department or by email at firstname.lastname@example.org.
This press release shall 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.
Sun Communities, Inc. is a real estate investment trust, or REIT, that currently owns and operates a portfolio of 338 communities comprising approximately 117,000 developed sites.
Forward Looking Statements
These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond its control. These risks, uncertainties, and other factors may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; the ability to maintain rental rates and occupancy levels, competitive market forces, changes in market rates of interest, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the heading titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, and the Company's other periodic filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in the Company's assumptions, expectations of future events, or trends.
FOR FURTHER INFORMATION AT THE COMPANY: