SUN COMMUNITIES INC (SUI): debt financing — Sun Communities closes $500M offering of 5.500% Notes due 2029

SUN COMMUNITIES INC

Issued $500M aggregate principal of 5.500% Notes due January 15, 2029 through subsidiary Operating Partnership.
Net proceeds of approximately $495.4M after underwriting discount and expenses.
Proceeds used to repay borrowings under senior credit facility and for working capital / general corporate purposes.
Notes are senior unsecured obligations, fully and unconditionally guaranteed by Sun Communities, Inc.
Interest payable semi-annually on Jan 15 and Jul 15, beginning Jul 15, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

SUN COMMUNITIES INC incurred senior notes of $500 million in aggregate principal amount with underwriters named therein at 5.500% per annum maturing January 15, 2029.

Instrument: senior notes
Principal: $500 million in aggregate principal amount
Counterparty: underwriters named therein
Rate: 5.500% per annum
Maturity: January 15, 2029
Event: incurrence

Exact text from the filing

On January 11, 2024, Sun Communities Operating Limited Partnership (the "Operating Partnership"), a Michigan limited partnership and subsidiary of Sun Communities, Inc., a Maryland corporation (the "Company", and, together with the Operating Partnership, the "Obligors"), completed an underwritten public offering (the "Offering") of $500 million in aggregate principal amount of its 5.500% Notes due 2029 (the "Notes").

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Source: SEC EDGAR

accession 0000912593-24-000017

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