Sun Communities issues $100M Series K preferred for marina assets

SUN COMMUNITIES INC

Issued 1,000,000 Series K Preferred Units at $100/unit (4.0% quarterly distribution) as consideration for contributed assets from Enmark Properties and Savannah Yacht Center.
Units exchangeable into common OP units at $170 conversion price; each common unit is exchangeable for one share of SUI common stock.
Partnership can force exchange after 5 years or if SUI stock trades at 120% of conversion price for 60 consecutive trading days.
Holders can require redemption at $100/unit within 60 days after 5-year anniversary; Company agreed to register resale of underlying common stock within 60 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SUN COMMUNITIES INC amended Eleventh Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP with Sun Communities Operating Limited Partnership (effective 2023-03-23).

Action: amendment
Counterparty: Sun Communities Operating Limited Partnership
Effective: 2023-03-23

Exact text from the filing

On March 23, 2023, Sun Communities, Inc. (the “Company”), as general partner of its operating subsidiary Sun Communities Operating Limited Partnership (“SCOLP”), entered into the Eleventh Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP (the “Partnership Amendment”).

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SUN COMMUNITIES INC filing history →

Source: SEC EDGAR

accession 0000912593-23-000133

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