Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Sun Communities, Inc. Prices $400 Million of Senior Notes By: Sun Communities, Inc. via GlobeNewswire January 09, 2023 at 16:49 PM EST Southfield, MI, Jan. 09, 2023 (GLOBE NEWSWIRE) -- 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”) communities and marinas, today announced that its operating partnership, Sun Communities Operating Limited Partnership (the "Operating Partnership"), has priced a public offering of $400 million aggregate principal amount of 5.700% senior notes due 2033 (the “Notes”). The public offering price for the Notes was 99.729% of the principal amount for an effective yield to maturity of 5.736%. 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 January 17, 2023, 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, Fifth Third Securities and RBC Capital Markets are acting as the joint book-running managers for the offering. Huntington Capital Markets, Regions Securities LLC, SMBC Nikko, Truist Securities, US Bancorp, Wells Fargo Securities, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Scotiabank, Wedbush Securities Inc. and Ramirez & Co., Inc. are acting as the 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: prospectus@citi.com); 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 (collect); or by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com. 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 September 30, 2022, owned and operated, directly or indirectly, or had an interest in a portfolio of 662 properties located in 39 states, the United Kingdom, Canada and Puerto Rico, including 352 MH and 179 RV communities, and 131 marinas. As of September 30, 2022, our properties contained an aggregate of 226,782 developed sites comprised of 117,380 developed MH sites, 32,026 annual RV sites (inclusive of both annual and seasonal usage rights), 31,191 transient RV sites and 46,185 wet slips and dry storage spaces. Additionally, there are nearly 16,100 additional MH and RV sites suitable for development. Forward Looking Statements This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. 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 the Company's control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include risks related to natural disasters, such as hurricanes, earthquakes, floods, droughts and wildfires; existing or potential supply chain disruptions; the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; national, regional and local economic climates; wars and other international conflicts; 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; the performance of recent acquisitions; changes in market rates of interest; changes in foreign currency exchange rates; the ability of purchasers of manufactured homes and boats to obtain financing; and the level of repossessions by manufactured home and boat lenders. Further details of potential risks that may affect the Company are described in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. 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: Fernando Castro-CaratiniChief Financial Officer(248) 208-2500www.suncommunities.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Sun Communities, Inc. Prices $400 Million of Senior Notes By: Sun Communities, Inc. via GlobeNewswire January 09, 2023 at 16:49 PM EST Southfield, MI, Jan. 09, 2023 (GLOBE NEWSWIRE) -- 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”) communities and marinas, today announced that its operating partnership, Sun Communities Operating Limited Partnership (the "Operating Partnership"), has priced a public offering of $400 million aggregate principal amount of 5.700% senior notes due 2033 (the “Notes”). The public offering price for the Notes was 99.729% of the principal amount for an effective yield to maturity of 5.736%. 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 January 17, 2023, 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, Fifth Third Securities and RBC Capital Markets are acting as the joint book-running managers for the offering. Huntington Capital Markets, Regions Securities LLC, SMBC Nikko, Truist Securities, US Bancorp, Wells Fargo Securities, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Scotiabank, Wedbush Securities Inc. and Ramirez & Co., Inc. are acting as the 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: prospectus@citi.com); 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 (collect); or by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com. 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 September 30, 2022, owned and operated, directly or indirectly, or had an interest in a portfolio of 662 properties located in 39 states, the United Kingdom, Canada and Puerto Rico, including 352 MH and 179 RV communities, and 131 marinas. As of September 30, 2022, our properties contained an aggregate of 226,782 developed sites comprised of 117,380 developed MH sites, 32,026 annual RV sites (inclusive of both annual and seasonal usage rights), 31,191 transient RV sites and 46,185 wet slips and dry storage spaces. Additionally, there are nearly 16,100 additional MH and RV sites suitable for development. Forward Looking Statements This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. 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 the Company's control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include risks related to natural disasters, such as hurricanes, earthquakes, floods, droughts and wildfires; existing or potential supply chain disruptions; the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; national, regional and local economic climates; wars and other international conflicts; 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; the performance of recent acquisitions; changes in market rates of interest; changes in foreign currency exchange rates; the ability of purchasers of manufactured homes and boats to obtain financing; and the level of repossessions by manufactured home and boat lenders. Further details of potential risks that may affect the Company are described in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. 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: Fernando Castro-CaratiniChief Financial Officer(248) 208-2500www.suncommunities.com
Southfield, MI, Jan. 09, 2023 (GLOBE NEWSWIRE) -- 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”) communities and marinas, today announced that its operating partnership, Sun Communities Operating Limited Partnership (the "Operating Partnership"), has priced a public offering of $400 million aggregate principal amount of 5.700% senior notes due 2033 (the “Notes”). The public offering price for the Notes was 99.729% of the principal amount for an effective yield to maturity of 5.736%. 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 January 17, 2023, 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, Fifth Third Securities and RBC Capital Markets are acting as the joint book-running managers for the offering. Huntington Capital Markets, Regions Securities LLC, SMBC Nikko, Truist Securities, US Bancorp, Wells Fargo Securities, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Scotiabank, Wedbush Securities Inc. and Ramirez & Co., Inc. are acting as the 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: prospectus@citi.com); 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 (collect); or by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com. 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 September 30, 2022, owned and operated, directly or indirectly, or had an interest in a portfolio of 662 properties located in 39 states, the United Kingdom, Canada and Puerto Rico, including 352 MH and 179 RV communities, and 131 marinas. As of September 30, 2022, our properties contained an aggregate of 226,782 developed sites comprised of 117,380 developed MH sites, 32,026 annual RV sites (inclusive of both annual and seasonal usage rights), 31,191 transient RV sites and 46,185 wet slips and dry storage spaces. Additionally, there are nearly 16,100 additional MH and RV sites suitable for development. Forward Looking Statements This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. 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 the Company's control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include risks related to natural disasters, such as hurricanes, earthquakes, floods, droughts and wildfires; existing or potential supply chain disruptions; the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; national, regional and local economic climates; wars and other international conflicts; 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; the performance of recent acquisitions; changes in market rates of interest; changes in foreign currency exchange rates; the ability of purchasers of manufactured homes and boats to obtain financing; and the level of repossessions by manufactured home and boat lenders. Further details of potential risks that may affect the Company are described in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. 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: Fernando Castro-CaratiniChief Financial Officer(248) 208-2500www.suncommunities.com