Sachem to sell $25-par 7.75% five-year notes via two bookrunners

By James McCandless

San Antonio, Oct. 20 – Sachem Capital Corp. plans to price an offering of $25-par notes due Sept. 30, 2025 with a coupon of 7.75%, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will rank equally and form a single series with the $14,363,750 aggregate principal amount of 7.75% notes due 2025 that were issued in September 2020.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the bookrunners.

Coupons will be payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Dec. 15, 2020.

The notes are redeemable on or after Sept. 4, 2022 at par.

Sachem plans to use the proceeds for general corporate purposes and working capital, which may include repaying existing debt, investing in real estate opportunities other than as a mortgage lender and acquisitions of existing mortgage loan portfolios or real estate finance companies as suitable opportunities arise.

The company plans to list the notes on the New York Stock Exchange under the symbol “SCCC,” together with the September 2020 notes.

Sachem is a Branford, Conn.-based real estate finance company.

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