Sun Communities Operating Limited Partnership’s $600 Notes Offering

Paul Hastings advised joint Book-Running managers on the deal.

Citigroup, J.P. Morgan, BofA Securities, BMO Capital Markets and RBC Capital Markets acted as joint book-running managers for Sun Communities Operating Limited Partnership’s public offering of $600 million aggregate principal amount of 2.700% senior notes due 2031.

Sun Communities Operating Limited Partnership is the operating partnership of Sun Communities, Inc. (NYSE: SUI), a real estate investment trust that owns and operates or has an interest in manufactured housing communities, recreational vehicle resorts and marinas. The notes will be senior unsecured obligations of the operating partnership, guaranteed fully and unconditionally by Sun Communities, Inc. 

The operating partnership intends to use the net proceeds of the offering to repay borrowings outstanding under its senior credit facility, to fund possible future acquisitions of properties, and for working capital and general corporate purposes.

Co-managers in the offering included Citizens Capital Markets, Fifth Third Securities, Huntington Capital Markets, Regions Securities LLC, Truist Securities, US Bancorp, Wells Fargo Securities, PNC Capital Markets LLC, Wedbush Securities and Ramirez & Co., Inc.

Securities & Capital Markets partner Yariv Katz (Picture) led the Paul Hastings team, which also included associates Shai Marshall, Nicolette Ursini and Amelia Seder.

Involved fees earner: Yariv Katz – Paul Hastings LLP; Shai Marshall – Paul Hastings LLP; Nicolette Ursini – Paul Hastings LLP;

Law Firms: Paul Hastings LLP;

Clients: Bank of America Securities; BMO Capital Markets; Citigroup Inc.; J.P. Morgan Securities LLC; RBC Capital Markets;

Author: Martina Bellini