Sachem Capital greenshoe ups add-on of 7.75% notes due September 2025 to $28 million

By Rebecca Melvin

New York, Dec. 30 – Underwriters for Sachem Capital Corp.’s 7.75% notes due Sept. 30, 2025 have exercised their over-allotment option by purchasing an additional $3 million principal amount of notes, increasing the deal size to $28 million, according to a company news release on Tuesday.

The notes (Egan-Jones: BBB+) will form a single series with the $28.36 million aggregate principal amount of 7.75% notes previously issued by the company in September and October, bringing the principal amount of the entire issue to $56.36 million, the company said.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and National Securities Corp., a wholly owned subsidiary of National Holdings Corp., acted as the lead joint bookrunning managers for the offering.

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

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