M&A
confidence high
sentiment neutral
materiality 0.30
SUI creates Series M Preferred; issues 283,126 units at $100 for Oregon asset contribution
SUN COMMUNITIES INC
- SCOLP issued 283,126 Series M Preferred Units at $100/unit, or $28.3M, to Saint Lucia/Rowan Oak MHC, LLC as consideration for assets including Eugene, Oregon real property.
- Series M distributions: 3.2%/year until Oct 1, 2027, 3.4% until Oct 1, 2028, then 3.6%; cumulative quarterly payments on Mar 31, Jun 30, Sep 30, Dec 31.
- Each Series M unit exchangeable into SUI common at $100.00/$174.00 = 0.5747 shares; holders may redeem for $100/unit plus accrued distributions on or after Oct 1, 2027.
- Series M ranks senior to Common OP Units and Series A-3 Preferred Units, junior to all other SCOLP preferred series except A-3.
- Distributions on Series M units are cumulative from the Oct 1, 2026 issuance date, payable quarterly in arrears; no stated maturity.