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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, December 1, 12:15 PM
| This Slide: #587 of 628 |
Slide #587. Sun Communities, Inc. — Preferred Stock Offering
Company:
Sun Communities, Inc. (NYSE:SUI)
Shares Offered:
3,000,000
Date of Pricing:
11/5/2012
Price Per Share:
$25
Preferred Stock Offering Details:
Sun Communities, Inc. announced that it has priced an underwritten registered public offering of 3,000,000 shares of its 7.125% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at $25.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase an additional 450,000 shares of the Series A Preferred Stock on the same terms and conditions. The offering is expected to close on November 14, 2012, subject to the satisfaction or waiver of customary closing conditions. Distributions on the Series A Preferred Stock will be paid quarterly in arrears on or about January 15, April 15, July 15 and October 15 of each year, commencing January 15, 2013, at a rate per annum of 7.125% of the liquidation value of $25.00 per share (equivalent to $1.78125 per share per annum).
Sun Communities, Inc. is a fully integrated real estate investment trust (REIT). Co. owns manufactured housing (MH) and recreational vehicle (RV) communities and marinas in the U.S., the United Kingdom, and Canada. Co. operates through four segments: MH communities, RV communities, Marinas, and communities in the United Kingdom (UK). The MH communities segment offers affordable housing to individuals and families, while also providing certain amenities. The RV communities offers affordable vacation opportunities to individuals and families with various amenities. The Marinas offers wet slip and dry storage space leases, end-to-end services, fuel sales and other amenities.
Preferred: SUI.PRA
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Buy (2.71 out of 4) 22nd percentile
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