Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate
investment trust (“REIT”) that owns and operates or has an interest
in manufactured housing (“MH”) communities, recreational vehicle
(“RV”) resorts and marinas, today announced that its operating
partnership, Sun Communities Operating Limited Partnership (the
"Operating Partnership"), has priced a public offering of $600
million aggregate principal amount of 4.200% senior notes due 2032
(the "Notes"). The public offering price for the Notes was 99.442%
of the principal amount for an effective yield to maturity of
4.269%. The Notes will be senior unsecured obligations of the
Operating Partnership, guaranteed fully and unconditionally by the
Company. The offering is expected to close on or about April 12,
2022, subject to customary closing conditions.
The Operating Partnership intends to use the net
proceeds of the offering to repay borrowings outstanding under its
senior credit facility, to fund possible future acquisitions of
properties, and for working capital and general corporate
purposes.
Citigroup, J.P. Morgan, BofA Securities, BMO
Capital Markets, Citizens Capital Markets, Fifth Third Securities
and RBC Capital Markets are acting as the joint book-running
managers for the offering. Huntington Capital Markets, Regions
Securities LLC, SMBC Nikko, Truist Securities, US Bancorp, Wells
Fargo Securities, Goldman Sachs & Co. LLC, PNC Capital Markets
LLC, Scotiabank, Wedbush Securities and Ramirez & Co., Inc. are
acting as the co-managers for the offering.
The Notes will be issued pursuant to an
effective shelf registration statement filed with the Securities
and Exchange Commission. The offering will be made only by means of
a prospectus supplement and accompanying prospectus, copies of
which may be obtained by contacting Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 (Tel: 800-831-9146 or email to:
prospectus@citi.com); by contacting J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, or by telephone at 212-834-4533; or by contacting
BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department
or by email at dg.prospectus_requests@bofa.com. A prospectus
supplement related to the offering will also be available free of
charge on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
will there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale is not
permitted.
About Sun
Communities, Inc.
Sun Communities, Inc. is a REIT that, as of
December 31, 2021, owned, operated, or had an interest in a
portfolio of 602 developed MH, RV and marina properties comprising
over 159,000 developed sites and nearly 45,000 wet slips and dry
storage spaces in 39 states, Canada and Puerto Rico.
Forward
Looking Statements
This press release contains various
“forward-looking statements” within the meaning of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended, and the Company intends that such forward-looking
statements will be subject to the safe harbors created thereby.
Forward-looking statements can be identified by words such as
“will,” “may,” “could,” “expect,” “anticipate,” “believes,”
“intends,” “should,” “plans,” “estimates,” “approximate,”
“guidance,” and similar expressions in this press release that
predict or indicate future events and trends and thatdo not report
historical matters.
These forward-looking statements reflect the
Company's current views with respect to future events and financial
performance, but involve known and unknown risks, uncertainties,
and other factors, some of which are beyond the Company's control.
These risks, uncertainties, and other factors may cause the actual
results of the Company to be materially different from any future
results expressed or implied by such forward-looking statements.
Such risks and uncertainties include the effects of the COVID-19
pandemic and related stay-at-home orders, quarantine policies and
restrictions on travel, trade and business operations; national,
regional and local economic climates; difficulties in the Company's
ability to evaluate, finance, complete and integrate acquisitions,
developments and expansions successfully; the ability to maintain
rental rates and occupancy levels; competitive market forces; the
performance of recent acquisitions; changes in market rates of
interest; changes in foreign currency exchange rates; the ability
of purchasers of manufactured homes and boats to obtain financing;
and the level of repossessions by manufactured home lenders.
Further details of potential risks that may affect the Company are
described in the Company’s periodic reports filed with the U.S.
Securities and Exchange Commission, including in the “Risk Factors”
section of the Company's Annual Report on Form 10-K for the year
ended December 31, 2021.
The forward-looking statements contained in this
press release speak only as of the date hereof and the Company
expressly disclaims any obligation to provide public updates,
revisions or amendments to any forward-looking statements made
herein to reflect changes in the Company's assumptions,
expectations of future events, or trends.
For Further
Information at
the Company:
Karen J. DearingChief Financial Officer(248)
208-2500www.suncommunities.comSun Communities, Inc.
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