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

Sun Communities, Inc. (SUI) announced today that it has priced a two-part offering of senior unsecured notes.  The transaction included:
      • $450 million 2.300% senior unsecured notes due 2028.  The notes were priced at a discount to yield 2.326% or +100 basis points to the treasury curve.
      • $150 million 2.700% senior unsecured notes due 2031.  The notes were priced at a premium to yield 2.659% or +113 basis points to the treasury curve.  The current offering represents a reopening of a prior issue, bringing the total deal size to $750 million.
Sun Communities is one of the largest owner / operators of manufactured housing, RV, and marina properties in North America.   As of June 30, 2021, the portfolio included 569 properties 39 states and Canada with an aggregate 195,000 developed land sites and boat slips. SUI has a total market capitalization of approximately $25 billion.