Item 1.01 Entry into a Material Definitive Agreement.
On April 28, 2020, Sun Communities, Inc. (the "Company") and its operating
partnership, Sun Communities Operating Limited Partnership, entered into an
underwriting agreement (the "Underwriting Agreement") with Citigroup Global
Markets Inc. and BofA Securities, Inc., as representatives of the several
underwriters named in Schedule II thereto (collectively, the "Underwriters"),
pursuant to which the Company agreed to issue and sell to the Underwriters an
aggregate of 4,320,000 shares (the "Offered Shares") of the
Company's common stock (the "Common Stock") at a price of $127.4390 per share.
The Company also granted the Underwriters a 30-day option to purchase up
to 648,000 additional shares of Common Stock (the "Option Shares" and, together
with the Offered Shares, the "Shares"), which was exercised in full. The
offering closed on May 1, 2020.
The offering and sale of the Shares have been registered under the Securities
Act of 1933, as amended, pursuant to the Company's effective shelf registration
statement on Form S-3 (Registration No. 333-224179).
A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and is
incorporated herein by reference.
Item 8.01 Other Events.
On April 28, 2020, the Company issued a press release announcing the
commencement of the offering of the Shares. A copy of the press release is
attached as Exhibit 99.1 hereto and is incorporated herein by reference.
On April 29, 2020, the Company issued a press release announcing the pricing and
upsizing of the offering of the Shares. A copy of the press release is attached
as Exhibit 99.2 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
1.1 Underwriting Agreement dated April 28, 2020, among Sun
Communities, Inc., Sun Communities Operating Limited Partnership,
Citigroup Global Markets Inc. and BofA Securities, Inc.
5.1 Opinion of Baker, Donelson, Bearman, Caldwell & Berkowitz, a
Professional Corporation
23.1 Consent of Baker, Donelson, Bearman, Caldwell & Berkowitz, a
Professional Corporation (included in Exhibit 5.1)
99.1 Press Release dated April 28, 2020
99.2 Press Release dated April 29, 2020
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