Sachem Capital to sell more $25-par 7.75% notes due 2025

By James McCandless

San Antonio, Dec. 17 – Sachem Capital Corp. plans to price more of its $25-par notes (Egan-Jones: BBB+) due Sept. 30, 2025 with a coupon of 7.75%, according to 424B2 filing with the Securities and Exchange Commission.

The notes will rank equally and form a single series with the $28,363,750 aggregate principal amount of 7.75% notes due 2025 that were issued in September 2020 and October 2020.

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

Coupons are payable on March 30, June 30, Sept. 30, and Dec. 30, starting on March 30, 2021.

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

Sachem plans to use the proceeds for working capital and general corporate purposes.

The preferreds, listed on the New York Stock Exchange under the symbol “SCCC,” closed Thursday up by 6 cents to $25.07 on volume of about 10,000 shares.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.