Item 1.01 Entry into a Material Definitive Agreement.
On November 15, 2021, Sun Communities, Inc. (the "Company") entered into (a) a
forward sale agreement (the "Initial Forward Sale Agreement") with Citibank,
N.A., and (b) an underwriting agreement (the "Underwriting Agreement") with the
Company's operating partnership, Sun Communities Operating Limited Partnership
and Citigroup Global Markets Inc. (in its capacity as agent for Citibank, N.A.),
as the forward seller, Citibank, N.A., as the forward counterparty, and
Citigroup Global Markets Inc. and RBC Capital Markets, LLC, as representatives
of the several underwriters named in Schedule II thereto (collectively, the
"Underwriters"), relating to the issuance and sale of up to 4,025,000 shares
(the "Shares") of the Company's common stock (the "Common Stock") at a public
offering price of $185.00 per share, including an option to purchase up to
525,000 additional shares of Common Stock, which was exercised in full. In
connection with the Underwriters' exercise in full of such option, on November
16, 2021, the Company entered into another forward sale agreement (together with
the Initial Forward Sale Agreement, the "Forward Sale Agreements") with Citibank
N.A. The offering of the Shares closed on November 18, 2021.
The offering and sale of the Shares has 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. 333-255020).
The foregoing description of the Forward Sale Agreements and the Underwriting
Agreement does not purport to be complete and is subject to, and qualified in
its entirety by, the full text of each such agreement, copies of which are
attached hereto as Exhibits 1.1, 1.2 and 1.3, respectively, and the terms of
which are incorporated herein by reference.
Item 8.01 Other Events.
On November 15, 2021, 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 November 15, 2021, 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* Forward Sale Agreement dated November 15 , 2021 between Sun
Communities, Inc. and Citibank, N.A.
1.2 Forward Sale Agreement dated November 1 6 , 2021 between
Sun Communities, Inc. and Citibank, N.A.
1.3 Underwriting Agreement dated November 15, 2021 among Sun Communities,
Inc., Sun Communities Operating Limited Partnership, Citigroup Global Markets,
Inc. (in its capacity as agent for Citibank, N.A.), as the forward seller,
Citibank, N.A., as the forward counterparty, and Citigroup Global Markets Inc.
and RBC Capital Markets, LLC, as the representatives of the several underwriters
named in Schedule II thereto
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 November 1 5 , 2021 ,
ann ouncing the commencement of the offering of th e S hares
99.2 Press Release dated November 1 5 , 2021 , announcing the
pricing of the offering of the Shares
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.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses