Sun Communities Raising Funds to Pay for Carefree Acquisition

money  bizjournals creditMHProNews has learned from euroinvestor that Sun Communities, Inc. (NYSE:SUI) has issued an underwritten public offering of 4,000,000 million shares of its common stock, with a 30-day option for the underwriters to purchase up to 600,000 additional shares.

Sun intends to use the funds for its previously announced $1.68 billion acquisition of Carefree Communities Inc. as MHProNews reported March 22, 2016. Bank of America Merrill Lynch and Citigroup are acting as the managers for the offering.

If for any reason the acquisition of Carefree is derailed, the funds will be used for other acquisitions, repay other borrowings or for working capital and general corporate purposes.

Sun Communities is a real estate investment trust (REIT) that owns and operates 233 manufactured home (MH) and recreational vehicle (RV) communities in the U. S. and Canada, comprised of 89,400 developed home sites. Of the total, 183 are manufactured home communities. ##

(Image credit: bizjournals)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.


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