Generally, we may not redeem the Series A Preferred Shares until November 14, 2017. On and after November 14, 2017, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, for cash at any time at a redemption price of $25.00 per share, plus any accumulated and unpaid distributions thereon to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control (as defined in this prospectus supplement), we may, at our option, redeem the Series A Preferred Shares, in whole or in part, no later than 120 days after the first date on which such Change of Control occurs, at a redemption price of $25.00 per share, plus any accumulated and unpaid distributions thereon to, but not including the redemption date. If we exercise any of our redemption rights relating to the Series A Preferred Shares, the holders of Series A Preferred Shares will not have the conversion right described below. The Series A Preferred Shares will have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted into shares of our common stock, $0.01 par value per share, in connection with a Change of Control by the holders of Series A Preferred Shares.
Upon the occurrence of a Change of Control, each holder of Series A Preferred Shares will have the right (unless, prior to the Change of Control Conversion Date (as defined in this prospectus supplement), we have timely provided notice of our election to redeem the Series A Preferred Shares) to convert some or all of the Series A Preferred Shares held by such holder into shares of our common stock on the Change of Control Conversion Date, all on the terms and subject to the conditions described in this prospectus supplement, and subject to a Share Cap (as defined in this prospectus supplement) and to provisions for the receipt of alternative consideration as described under ÙDescription of the Series A Preferred Shares?Conversion Rightsˆ in this prospectus supplement.
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Sun Communities is a real estate investment trust. Co. owns manufactured housing (MH) communities and recreational vehicle (RV) resorts throughout the U.S. and in Ontario, Canada. Co. self-administers, self-manages, and operates or holds an interest in, and develops the majority of its MH communities and RV resorts. Co.'s Safe Harbor Marinas, LLC subsidiary owns, operates, develops and manages marinas throughout the U.S. and Puerto Rico, with the majority of such marinas concentrated in coastal regions and others located in various inland regions. Co. leases individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to its MH and RV customers. Preferred: SUI.PRA Open the SUI Information Page » |
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