Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate
investment trust (“REIT”) that owns and operates, or has an
interest in, manufactured housing and recreational vehicle
communities and marinas, today announced that its operating
partnership, Sun Communities Operating Limited Partnership (the
"Operating Partnership"), has priced a public offering of $500
million aggregate principal amount of 5.500% senior notes due 2029
(the “Notes”). The public offering price for the Notes was 99.878%
of the principal amount for an effective yield to maturity of
5.528%. 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 11,
2024, 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 and for working capital and general
corporate purposes.
Citigroup, J.P. Morgan, BofA Securities, BMO
Capital Markets, Citizens Capital Markets, Fifth Third Securities,
RBC Capital Markets and Wells Fargo Securities are acting as the
joint book-running managers for the offering. Huntington Capital
Markets, Regions Securities LLC, SMBC Nikko, Truist Securities, US
Bancorp, PNC Capital Markets LLC, Wedbush Securities, Goldman Sachs
& Co. LLC, Scotiabank, 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., 201 North Tryon Street,
NC1-022-02-25, Charlotte, NC 28255-0001, Attention: Prospectus
Department (Toll-free: 1-800-294-1322 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, 2023, owned, operated, or had an interest in a
portfolio of 670 developed properties comprising approximately
180,170 developed sites and approximately 48,030 wet slips and dry
storage spaces in the United States, the United Kingdom and
Canada.
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, 2022.
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-Caratini
Chief Financial Officer
(248) 208-2500
www.suncommunities.com
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