MarketWatch reports Sun Communities, Inc. intends to offer 4,500,000 shares of its common stock in a underwritten registered public offering. Proceeds will be used to repay debt, fund acquisitions, and for general corporate purposes. As underwriters, Bank of America Merrill Lynch, Citigroup, and BMO Capital Markets will have a 30-day option to purchase up to 675,000 additional shares. As MHProNews knows, real estate investment trust (REIT) Sun owns and operates 183 communities comprised of approximately 67,380 homesites. Sun (SUI) closed down -2.81% on the market March 12.
(Photo credit: Sun Communities, Inc.)