Sun Communities to offer senior notes via three bookrunners

By Mary Katherine Stinson

Lexington, Ky., Jan. 4 – Sun Communities Operating LP is marketing fixed-rate senior notes that will come with a guarantee from Sun Communities, Inc., according to a 424B5 filing with the Securities and Exchange Commission.

There will be a make-whole call option until a number of months before the maturity date, followed by a par call option.

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

UMB Bank, NA will be the trustee.

The company is being advised by Taft Stettinius & Hollister LLP, Hunton Andrews Kurth LLP (special counsel) and Baker, Donelson, Bearman, Caldwell & Berkowitz (Maryland law). The underwriters are using Paul Hastings LLP as counsel.

Proceeds will be used to repay borrowings under the company’s senior credit facility and for working capital and general corporate purposes. The company’s senior credit facility is comprised of a revolving loan facility up to $3.05 billion, of which $1 billion was outstanding, and a term loan facility of $1.15 billion, $1.1 billion of which was outstanding, as of Sept. 30. The loans mature April 7, 2026 and April 7, 2025, respectively.

Sun Communities is a Southfield, Mich.-based fully integrated real estate investment trust, an owner of manufactured housing communities and recreational vehicle communities.

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