07 04 2016

Sun Communities, Inc.’s $ 401 Million Follow-on Public Offering of Common Stock

Paul Hastings LLP represented BofA Merrill Lynch, Citigroup, BMO Capital Markets, Baird and RBC Capital Markets as joint book-running managers for Sun Communities, Inc.’s (NYSE: SUI) follow-on public offering of common stock.


Sun Communities, Inc., a real estate investment trust that owns, operates and develops manufactured housing and recreational vehicle communities, sold a total of 6,037,500 shares of common stock priced at $66.50 per share (including the full exercise of the underwriters’ option to purchase additional shares). The company, led by Gary A Shiffman, John B McLaren, Karen J Dearing and Jonathan M Colman, is based in Southfield (MI). The transaction raised gross proceeds of approximately $401 million. The company intends to use the net proceeds from the offering to fund a portion of the purchase price for its proposed $1.68 billion acquisition of Carefree Communities. Co-managers in the offering included Fifth Third Securities, PNC Capital Markets LLC, Ramirez & Co., Inc., BTIG and Comerica Securities. Securities & Capital Markets partner Yariv Katz (Picture)  led the Paul Hastings team, which also included associates Keith Gartner and Melissa Fishkin.  The Paul Hastings team has also represented the joint book runners in multiple prior public offerings for Sun Communities, Inc. Involved fees earner: Yariv Katz - Paul Hastings; Keith Gartner - Paul Hastings; Melissa Fishkin - Paul Hastings;

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