By James McCandless
San Antonio, Oct. 31 – Sachem Capital Corp. priced a $30 million offering of $25-par notes (Egan-Jones: BBB+) due Dec. 30, 2024 at par with a coupon of 6.875%, according to a filing with the Securities and Exchange Commission.
There is a $4.5 million greenshoe.
The deal was announced on Wednesday.
Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.
The lead manager is National Securities Corp.
The notes are redeemable on or after Nov. 7, 2021 at par.
Sachem plans to use the proceeds for working capital and general corporate purposes.
The company plans to list the notes on the New York Stock Exchange under the symbol “SACC.”
Sachem is a Branford, Conn.-based real estate finance company.
| Issuer: | Sachem Capital Corp.
|
| Description: | Notes
|
| Amount: | $30 million
|
| Greenshoe: | $4.5 million
|
| Maturity: | Dec. 30, 2024
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC
|
| Lead manager: | National Securities Corp.
|
| Coupon: | 6.875%
|
| Price: | Par of $25.00
|
| Yield: | 6.875%
|
| Call: | On or after Nov. 7, 2021 at par
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 7
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SACC
|
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