SUN COMMUNITIES INC (SUI): debt financing — Sun Communities Operating LP issues $400M 5.700% Notes due 2033, guaranteed by SUI

SUN COMMUNITIES INC

$400M aggregate principal of 5.700% senior unsecured notes due Jan 15, 2033.
Net proceeds of ~$395.3M to repay senior credit facility, fund acquisitions, and for general purposes.
Notes are fully and unconditionally guaranteed by Sun Communities, Inc. (SUI).
Interest payable semi-annually on Jan 15 and Jul 15, starting Jul 15, 2023.
Redemption at par plus make-whole prior to Oct 15, 2032; thereafter at par.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SUN COMMUNITIES INC incurred senior notes of $400 million at 5.700% per annum maturing 2033-01-15.

Instrument: senior notes
Principal: $400 million
Rate: 5.700% per annum
Maturity: 2033-01-15
Event: incurrence

Exact text from the filing

On January 17, 2023, 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 $400 million in aggregate principal amount of its 5.700% Notes due 2033 (the “Notes”).

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Source: SEC EDGAR

accession 0001193125-23-009415

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