Manufactured home community (MHC) owner Sun Communities, Inc. (NYSE:SUI) has announced the underwritten public offering of 3,250,000 shares of its common stock at $65.00 per share, according to marketwatch. Moreover, the underwriters receive a 30-day option to purchase up to an additional 487,500 shares.

BofA Merrill Lynch, Citigroup and BMO Capital Markets are the primary underwriters, joined by RBC Capital Markets as co-lead manager. Co-managers for the offering include Baird, Fifth Third Securities, BTIG, PNC Capital Markets LLC, Ramirez & Co., Inc. and Comerica Securities.

Sun intends to use the proceeds to pay existing debt, fund possible future acquisitions and for general corporate purposes. The offering will close Fri., Nov. 6, 2015.

As MHProNews knows, Sun Communities is a real estate investment trust (REIT) that owns and operates a portfolio of 248 manufactured home and recreational vehicle communities comprised of 92,500 home sites. In today’s trading, Sun’s stock closed down -4.00 percent at $65.15. ##

(Image credit: Sun Communities, Inc.)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.