Sun Communities (SUI) to Offer 3.25M Shares

September 8, 2016 4:07 PM EDT

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Sun Communities, Inc. (NYSE: SUI) announced that it has commenced an underwritten public offering of 3,250,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 487,500 shares of its common stock.

The Company intends to use the net proceeds of the offering to repay borrowings outstanding under the revolving loan under its senior credit facility, to fund possible future acquisitions and for working capital and general corporate purposes.

Citigroup and BofA Merrill Lynch are acting as joint book-running managers for the offering.

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