UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report: September 30, 2020
(Date of earliest event reported)
SUN COMMUNITIES INC.
(Exact name of registrant as specified in its charter)
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| Maryland | | | | 1-12616 | 38-2730780 |
| (State of Incorporation) | | | | Commission file number | (I.R.S. Employer Identification No.) |
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| 27777 Franklin Rd. | Suite 200, | Southfield, | Michigan | | 48034 |
| (Address of Principal Executive Offices) | | | | | (Zip Code) |
(248) 208-2500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value | | SUI | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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| Item 1.01 | Entry into Material Definitive Agreement. |
On September 30, 2020, 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 BofA Securities, Inc., as representatives of the several underwriters named in Schedule II thereto (collectively, the “Underwriters”), relating to the issuance and sale of up to 9,200,000 shares (the “Shares”) of the Company’s common stock (the “Common Stock”) at a public offering price of $139.50 per share, including an option to purchase up to 1,200,000 additional shares of Common Stock, which was exercised in full. In connection with the Underwriters’ exercise in full of such option, on October 1, 2020, 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 October 5, 2020.
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. 333-224179).
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.
Press Releases
On September 30, 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 September 30, 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.
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| Item 9.01 | Financial Statements and Exhibits. |
1.3 Underwriting Agreement dated September 30, 2020, 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 BofA Securities, Inc. as the representatives of the several underwriters named in Schedule II thereto
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | SUN COMMUNITIES, INC.
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Dated: October 05, 2020 | | By: | /s/ Karen J. Dearing |
| | | Karen J. Dearing, Executive Vice President, Chief Financial Officer, Secretary and Treasurer |
