Sun Communities buys back 4.07 million of 6.5% convertible preferreds

By Susanna Moon

Chicago, Aug. 20 – Sun Communities, Inc. said it repurchased 4,066,586 shares of its 6.5% series A-4 cumulative convertible preferred stock.

The convertible preferreds were purchased at $30.90 per share plus $0.18 for accrued distributions, according to a company notice.

The buybacks were as of Aug. 10 under a repurchase agreement with some holders of the convertible preferreds, according to a press release.

The repurchase includes 45,153 shares that settled on Aug. 18.

After the repurchases, there are 2,298,184 series A-4 convertible preferreds outstanding.

Sun Communities is a Southfield, Mich.-based real estate investment trust.

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