Sun Communities Announces Public Offering

Benzinga reports that Sun Communities, Inc. (SUI:NYSE) has begun an underwritten offering of 3,000,000 million shares of common stock, with a 30-day option for the underwriters to purchase an additional 450,000 shares. Sun intends to use the proceeds to pay down debt, fund possible future acquisitions, and for general corporate purposes and working capital. As MHProNews knows, Southfield, Michigan-based Sun owns and operates 162 manufactured housing communities in 18 states comprising 55,900 home sites. Sun’s stock closed at 44.05 today, down -4.03%.

Photo credit: Sun Communities, Inc.)

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