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Sun Communities reaps $385.3M from common stock sale

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Sun Communities reaps $385.3M from common stock sale

Sun CommunitiesInc. has closed its recent common stock offering, netting about $385.3 million.

Underwriters exercised their additional-share option in full.The company said it will use the proceeds to fund part of its pending $1.68 billionacquisition of all ofthe issued and outstanding stock of Carefree Communities Inc.

BofA Merrill Lynch, Citigroup, BMO Capital Markets, Bairdand RBC Capital Markets acted as joint book-running managers for the offering.Fifth Third Securities, PNC Capital Markets LLC, Ramirez & Co. Inc.,BTIG and Comerica Securities acted as co-managers for the offering.