2013-03-18 21:36:55 -
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
Southfield, MI, March 18, 2013 - Sun Communities, Inc. (NYSE: SUI) (the
"Company") today announced that it has closed its previously announced
underwritten registered public offering of 5,750,000 shares of common stock at a
price of $45.25 per share, which includes 750,000 shares sold to the
underwriters pursuant to the full exercise of their option to purchase
additional shares. The Company estimates that the net proceeds from the offering
will be approximately $249,530,000 after deducting the underwriting discounts
and expenses related to the offering.
The Company intends to use the net proceeds of the offering to repay outstanding
debt, to fund possible future acquisitions of properties and for working capital
and general corporate purposes.
BofA Merrill Lynch, Citigroup
and BMO Capital Markets acted as joint book-
running managers for the offering. PNC Capital Markets LLC, Raymond James and
RBC Capital Markets acted as senior co-managers for the offering. In addition,
Gleacher & Company, Baird, Comerica Securities and Janney Montgomery Scott acted
as co-managers for the offering.
The offering was made pursuant to an effective shelf registration statement
filed with the Securities and Exchange Commission. The offering was made only by
means of a prospectus supplement and accompanying prospectus, copies of which
may be obtained by contacting BofA Merrill Lynch, 222 Broadway, New York, New
York 10038, Attn: Prospectus Department or by email at
, by contacting Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 telephone:
(800) 831-9146, or by contacting BMO Capital Markets, 3 Times Square, 27(th)
Floor, New York, NY 10036, Attention: Syndicate Department, Telephone: (800)
414-3627, or by email at firstname.lastname@example.org
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor will there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale is not
Sun Communities, Inc. is a real estate investment trust, or REIT, that currently
owns and operates a portfolio of 183 communities comprising approximately
67,380 developed sites.
Forward Looking Statements
This press release contains various "forward-looking statements" within the
meaning of the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended, and the Company intends that such forward-looking
statements will be subject to the safe harbors created thereby. Forward-looking
statements can be identified by words such as "will," "may,"
"anticipate," "believes," "intends,"
"should," "plans," "estimates,"
"approximate", "guidance" and similar expressions in this press
predict or indicate future events and trends and that do not report historical
matters, although not all forward-looking statements contain these words.
These forward-looking statements reflect the Company's current views with
respect to future events and financial performance, but involve known and
unknown risks, uncertainties, and other factors, some of which are beyond the
Company's control. These risks, uncertainties, and other factors may cause the
actual results of the Company to be materially different from any future results
expressed or implied by such forward-looking statements. Such risks and
uncertainties include national, regional and local economic climates, the
ability to maintain rental rates and occupancy levels, competitive market
forces, changes in market rates of interest, the ability of manufactured home
buyers to obtain financing, the level of repossessions by manufactured home
lenders and those risks and uncertainties referenced under the headings entitled
"Risk Factors" contained in the Company's Annual Report on Form 10-K for
year ended December 31, 2012, and the Company's other periodic filings with the
Securities and Exchange Commission.
The forward-looking statements contained in this press release speak only as of
the date hereof and, except as required by law, the Company expressly disclaims
any obligation to provide public updates, revisions or amendments to any
forward- looking statements made herein to reflect changes in the Company's
assumptions, expectations of future events, or trends.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sun Communities via Thomson Reuters ONE