By James McCandless
San Antonio, Dec. 18 – Sachem Capital Corp. priced $25 million more of its $25-par notes (Egan-Jones: BBB+) due Sept. 30, 2025 with a coupon of 7.75%, according to press release.
There is a $3.75 million greenshoe.
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., Janney Montgomery Scott LLC and National Securities Corp. are the bookrunners.
Coupons are payable on March 30, June 30, Sept. 30, and Dec. 30, starting on Dec. 30.
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,” were down 42 cents on Friday morning to $24.65 on volume of about 134,000 shares.
Sachem is a Branford, Conn.-based real estate finance company.
| Issuer: | Sachem Capital Corp.
|
| Description: | Notes
|
| Amount: | $25 million
|
| Greenshoe: | $3.75 million
|
| Maturity: | Sept. 30, 2025
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and National Securities Corp.
|
| Coupon: | 7.75%
|
| Price: | Par of $25.00
|
| Call: | On or after Sept. 4, 2022 at par
|
| Pricing date: | Dec. 18
|
| Settlement date: | Dec. 22
|
| Distribution: | SEC registered
|
| Original issue: | $28,363,750 principal amount issued in September 2020 and October 2020
|
| Listing: | NYSE: SCCC
|
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