Sun Communities (SUI) prices $600 million senior notes offering.

Sun Communities, Inc. (SUI) announced today that its operating partnership has priced a $600 million issue of 2.700% senior notes due 2031.  The notes are rated Baa3/BBB and were priced to yield +125 basis points to the treasury curve.

This is SUI's first offering of senior unsecured notes.  The company said that proceeds from this offering would be used to repay borrowings under its credit facility and to fund future acquisitions.

Sun Communities is one of the largest owner / operators of manufactured housing, RV, and marina properties in North America.   As of March 31, 2021, the portfolio included 562 properties 39 states and Canada with an aggregate 190,000 land sites and boat slips.