Sun Communities Offering to Raise $225M
Sun Communities Inc. announced Tuesday (March 12) that it has priced an underwritten registered public offering of 5 million shares of its common stock at a price of $45.25 per share.
The sale will raise more than $225 million before expenses.
As part of the offering, the Southfield, Mich., owner of RV and manufactured housing parks, granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock. The offering is expected to close on Monday, March 18, subject to customary closing conditions.
The company intends to use the net proceeds of the offering to repay outstanding debt, to fund possible future acquisitions of properties and for working capital and general corporate purposes.