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Sun Communities launches offering of more than 3.2 million common shares

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Sun Communities launches offering of more than 3.2 million common shares

Sun Communities Inc. is selling 3,250,000 common shares in an underwritten public offering and expects to grant a 30-day option to the underwriters to acquire up to 487,500 additional shares.

Based on the manufactured-home real estate investment trust's closing stock price of $125.73 per share on May 28, gross offering proceeds, including the additional-share option, are expected to total approximately $469.9 million.

Sun Communities plans to use the net proceeds to repay borrowings outstanding under its senior credit facility's revolving loan and for working capital and general corporate purposes.

BofA Merrill Lynch and Citigroup are the joint book-running managers.