Sachem to sell series A cumulative redeemable preferred stock

By Rebecca Melvin

Concord, N.H., June 23 – Sachem Capital Corp. is offering shares of cumulative redeemable preferred stock, series A, (Egan-Jones: BBB) with a $25.00 per share liquidation preference, according to a company news release and a 424B5 filing with the Securities and Exchange Commission.

The preferreds, which represent the initial issuance of this series, are callable after five years at par plus accumulated dividends. There is also a change-of-control call.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and William Blair & Co., LLC are acting as joint bookrunning managers for the registered offering. Aegis Capital Corp. is acting as co-manager.

There is a greenshoe for the preferreds, which are expected to be listed on the NYSE American.

Proceeds are for working capital and general corporate purposes and to fund new real estate loans secured by first mortgage liens. In addition, proceeds may be used to acquire other real estate finance companies or existing mortgage loan portfolios.

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

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