Sun Communities Operating Limited Partnership owns, operates, develops, and finances housing communities concentrated in the midwestern and southeastern United States. The company was founded in 1975 and is based in Southfield, Michigan.
27777 Franklin Road
Southfield, MI 48034
Founded in 1975
17 Subsidiaries of Sun Communities Operating Limited Partnership Enters into Master Credit Facility Agreement with Regions Bank
Jun 9 16
On June 3, 2016, 17 subsidiaries of Sun Communities Operating Limited Partnership entered into a Master Credit Facility Agreement with Regions Bank, as lender. Pursuant to the Fannie Mae Credit Agreement, Regions Bank loaned a total of $338.0 million under a senior secured credit facility, comprised of two ten-year term loans in the amount of $300.0 million and $38.0 million, respectively (collectively the "Fannie Mae Financing"). The $300.0 million term loan bears interest at 3.69% per year and the $38.0 million term loan bears interest at 3.67% per year for a blended rate of 3.688% per year. The Fannie Mae Financing provides for principal and interest payments which will be due based on a 30-year amortization. The Fannie Mae Financing is secured by mortgages encumbering 17 manufactured housing communities comprised of real and personal property owned by the Borrowers. Additionally, the Company and the Operating Partnership have provided a guaranty of the recourse carve-out obligations of the borrowers under the Fannie Mae Financing. At the lenders' option, the Fannie Mae Financing will become immediately due and payable upon an event of default under the Fannie Mae Credit Agreement.
Sun Communities Operating Limited Partnership Enter into Amended and Restated Credit Agreement with Citibank, N.A
Aug 24 15
On August 19, 2015, Sun Communities Operating Limited Partnership (SCOLP), as borrower, and Sun Communities Inc., and certain of its subsidiaries as guarantors, entered into an Amended and Restated Credit Agreement with Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and BMO Capital Markets, as Joint Lead Arrangers and Joint Book Running Managers, Bank of America, N.A. and Bank of Montreal, as Co-Syndication Agent, Fifth Third Bank, an Ohio Banking Corporation and Regions Bank, as Co-Documentation Agents and the other lenders, PNC Bank, National Association, Royal Bank of Canada, U.S. Bank National Association, Associated Bank, N.A., Comerica Bank and Flagstar Bank, FSB. Pursuant to the Credit Agreement, SCOLP may borrow up to $450.0 million under a senior credit facility, comprised of a $392.0 million revolving loan and $58.0 million term loan. The Credit Agreement also permits, subject to the satisfaction of certain conditions, additional commitments from one or more of the existing lenders or other lenders (with the consent of the Administrative Agent and the other lenders) in an amount not to exceed $300.0 million. If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the Facility may be increased up to $750.0 million. The Facility has a four-year term ending August 19, 2019, and at SCOLP's option the maturity date may be extended for two additional six-month periods, subject to the satisfaction of certain conditions. The Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that is determined based on the company's leverage ratio calculated in accordance with the Credit Agreement, which can range from 1.40% to 2.25% for the revolving loan and 1.35% to 2.20% for the term loan. Based on the company's current leverage ratio, the current margin is 1.45% and 1.40% on the revolving and term loans, respectively. At the time of the closing, there were $262 million in borrowings under the Facility. The Facility replaces the company's $350.0 million revolving line of credit, which was scheduled to mature in May 2017.