Sun Communities eyes new notes, tap of 2031 notes

By Rebecca Melvin

Concord, N.H., Sept. 28 – Sun Communities Operating LP is offering new fixed-rate senior notes and a tap of its 2.7% senior notes due 2031, according to a 424B5 filing with the Securities and Exchange Commission.

The new notes have a par call a few months ahead of their maturity. The 2031 notes, which will be additional notes of a series of $600 million of notes issued on June 28, are redeemable for a make-whole premium plus accrued interest prior to their par call date.

The notes will be guaranteed by Sun Communities, Inc., a Southfield, Mich.-based real estate investment trust.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to fund possible acquisitions of properties and for working capital and general corporate purposes.

Sun Communities Operating is the primary operating subsidiary of Sun Communities, Inc.

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