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
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.