Item 1.01 Entry into a Material Definitive Agreement.
On September 28, 2021, Sun Communities Operating Limited Partnership (the
"Operating Partnership"), and Sun Communities, Inc. (the "Company" and together
with the Operating Partnership, the "Obligors") entered into an underwriting
agreement (the "Underwriting Agreement") with Citigroup Global Markets Inc. and
J.P. Morgan Securities LLC, as representatives of the several underwriters named
in Schedule I of the Underwriting Agreement (collectively the "Underwriters"),
in connection with the public offering by the Operating Partnership of $450
million in aggregate principal amount of its 2.300% Senior Notes due 2028 (the
"2028 Notes") and $150 million in aggregate principal amount of its 2.700%
Senior Notes due 2031 (the "2031 Notes", and, together with the 2028 Notes, the
"Notes"). The 2031 Notes are additional notes of the same series as the $600
million aggregate principal amount of 2.700% Senior Notes due 2031 that the
Operating Partnership issued on June 28, 2021. The 2031 Notes offered in this
offering and such previously issued 2.700% Senior Notes due 2031 are identical
(other than with respect to issue date and price) and will constitute a single
series. The Company will fully and unconditionally guarantee the payment of
principal and of premium, if any, and interest on the Notes. The offering is
expected to close on October 5, 2021, subject to customary closing conditions.
The offering and sale of the Notes (and the related guarantees by the Company)
have been registered under the Securities Act of 1933, as amended, pursuant to
the Obligors' effective shelf registration statement on Form S-3 (Registration
No. 333-255020 and Registration No. 333-25502-01) (the "Registration
Statement").
The Underwriting Agreement contains customary representations, warranties and
agreements by the Obligors and the Underwriters, and customary conditions to
closing, indemnification obligations of the Obligors and the Underwriters,
including for liabilities under the Securities Act of 1933, as amended, other
obligations of the parties and termination provisions. The foregoing description
of the Underwriting Agreement does not purport to be complete and is qualified
in its entirety by reference to the full text of the Underwriting Agreement,
which is filed as Exhibit 1.1 hereto and incorporated by reference herein.
The 2028 Notes will be issued under an indenture, dated June 28, 2021 (the "Base
Indenture"), by and among the Operating Partnership and UMB Bank, N.A., as
trustee (the "Trustee"), as amended and supplemented by a Second Supplemental
Indenture, to be dated October 5, 2021, by and among the Obligors and the
Trustee. The 2031 Notes will be issued under the Base Indenture, as amended and
supplemented by the First Supplemental Indenture, dated June 28, 2021, by and
among the Obligors and the Trustee.
Item 8.01 Other Events.
On September 28, 2021, the Company issued a press release announcing the pricing
of the offering of the Notes. A copy of the press release is attached as Exhibit
99.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No. Description
1.1* Underwriting Agreement dated September 28 , 2021 by and
among Sun Communities, Inc., Sun Communities Operating Limited Partnership,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
99.1 Press Release dated September 28, 2021
104 Cover Page Interactive Data File (embedded within the inline XBRL
document)
*Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of
Regulation S-K because such schedules and exhibits do not contain information
which is material to an investment decision or which is not otherwise disclosed
in the filed agreements. The Company will furnish the omitted schedules and
exhibits to the SEC upon request by the SEC.
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