Chicago, Dec. 14 – Sachem Capital Corp. sold a $45 million registered public offering of 6% $25-par notes due Dec. 30, 2026 (Egan-Jones: BBB+) on Tuesday, according to a press release.
The notes are redeemable after two years at par plus accrued interest.
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Co. LLC are the joint bookrunners.
The underwriters have 30 days to purchase an additional $6.75 million notes.
Colliers Securities LLC is co-manager.
Coupons are payable on March 30, June 30, Sept. 30 and Dec. 30, starting on March 30, 2022.
Sachem plans to use the proceeds for working capital and general corporate purposes, such as funding new real estate loans secured by first mortgage liens. In addition, Sachem may use the proceeds to redeem some or all of its June 2024 notes and/or the December 2024 notes, and to acquire other real estate finance companies or existing mortgage loan portfolios.
A listing of the notes on the New York Stock Exchange under the symbol “SCCD” is expected.
Sachem is a Branford, Conn.-based real estate finance company.
| Issuer: | Sachem Capital Corp.
|
| Amount: | $45 million
|
| Greenshoe: | $6.75 million
|
| Issue: | Notes
|
| Maturity: | Dec. 30, 2026
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Co. LLC
|
| Co-manager: | Colliers Securities LLC
|
| Coupon: | 6%
|
| Call features: | Any time at par plus interest after Dec. 20, 2023
|
| Trade date: | Dec. 14
|
| Settlement date: | Dec. 20
|
| Ratings: | Egan-Jones: BBB+
|
| Distribution: | Public
|
| Listing: | NYSE: SCCD
|
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