BofA Merrill Lynch, Citigroup, BMO Capital Markets, Baird and RBC Capital Markets Serve as Joint Book-Running Managers for Sun Communities Public Offering of Common Stock Undertaken to Supply Equity Financing for the Acquisition of Carefree Communities

March 30, 2016

NEW YORK— Paul Hastings LLP, a leading global law firm, announced today that the firm represented BofA Merrill Lynch, Citigroup, BMO Capital Markets, Baird and RBC Capital Markets as joint book-running managers for Sun Communities, Inc.’s (NYSE: SUI) follow-on public offering of common stock. 

Sun Communities, Inc., a real estate investment trust that owns, operates and develops manufactured housing and recreational vehicle communities, sold a total of 6,037,500 shares of common stock priced at $66.50 per share (including the full exercise of the underwriters’ option to purchase additional shares). The transaction raised gross proceeds of approximately $401 million. The company intends to use the net proceeds from the offering to fund a portion of the purchase price for its proposed $1.68 billion acquisition of Carefree Communities.

Co-managers in the offering included Fifth Third Securities, PNC Capital Markets LLC, Ramirez & Co., Inc., BTIG and Comerica Securities.

Securities & Capital Markets partner Yariv Katz led the Paul Hastings team, which also included associates Keith Gartner and Melissa Fishkin.  The Paul Hastings team has also represented the joint book runners in multiple prior public offerings for Sun Communities, Inc. 
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