Outdoor Hospitality News
For Campground & RV Park Owners

News for October 15, 2021

Sun Communities, Inc. Prices $600 Million of Senior Notes

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Sun Communities, Inc. (NYSE:SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates or has an interest in manufactured housing (“MH”) communities, recreational vehicle (“RV”) resorts and marinas, today announced that its operating partnership, Sun Communities Operating Limited Partnership (the “Operating Partnership”), has priced a public offering of $450 million of 2.300% senior notes due 2028 (the “2028 Notes”) and $150 million of 2.700% senior notes due 2031 (the “2031 Notes” and, together with the 2028 Notes, the “Notes”). The public offering price for the 2028 Notes was 99.830% of the principal amount for an effective yield to maturity of 2.326%, and the public offering price for the 2031 Notes was 100.342% of the principal amount plus accrued interest from June 28, 2021, for an effective yield to maturity of 2.659%. The 2031 Notes are additional notes of the same series as the $600.0 million aggregate principal amount of 2.700% Senior Notes due 2031 that the Operating Partnership issued on June 28, 2021. The 2031 Notes offered in the offering and such previously issued 2.700% Senior Notes due 2031 are identical (other than with respect to issue date and price) and will constitute a single series. 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 October 5, 2021, 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, Citizens Capital Markets and RBC Capital Markets are acting as the joint book-running managers for the offering. Fifth Third Securities, Huntington Capital Markets, Regions Securities LLC, Truist Securities, Inc., US Bancorp, Wells Fargo Securities, PNC Capital Markets LLC, Wedbush Securities, and Ramirez & Co., Inc. are acting as 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, NY 11717 (Tel: 800-831-9146 or email to: [email protected]); or by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, or by telephone at 212-834-4533. A prospectus supplement related to the offering will also be available free of charge on the SEC’s website at http://www.sec.gov.

This 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.

About Sun Communities, Inc.

Sun Communities, Inc. is a REIT that, as of June 30, 2021, owned, operated, or had an interest in a portfolio of 569 developed MH, RV and marina properties comprising over 153,300 developed sites and nearly 41,300 wet slips and dry storage spaces in 39 states and Ontario, Canada.

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Connect on Social Media
MC Fireside Chats
Latest Outdoor Hospitality News
Kuwait Camping Season Starts Soon
Buckland Lake Reserve Glamping Cabins, Therapy Classes, And Gym Plans Approved
Grand Design RV Sells Over 15K Momentum Units
RVIA Applauds House Committee Passage Of Key Outdoor Access Bill
City To Spend On Barriers For UK Park To Stop Disruptive Travelers From Returning

Stay Updated
Outdoor Hospitality News