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Sun Communities launches 4 million common-share offering

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Sun Communities launches 4 million common-share offering

Sun Communities Inc. is selling 4.0 million shares of its common stock in an underwritten public offering.

The residential real estate investment trust expects to grant underwriters a 30-day option to acquire up to 600,000 additional shares.

Based on the company's closing stock price of $102.89 per share on Sept. 4, gross proceeds, including the additional-share option, are expected to total approximately $473.3 million.

Sun Communities plans to use the net proceeds to repay borrowings outstanding under the revolving loan and term loan under its senior credit facility, to fund possible future acquisitions and for working capital and general corporate purposes.

Citigroup, BofA Merrill Lynch, BMO Capital Markets and RBC Capital Markets are the joint book-running managers for the offering.