Sachem greenshoe lifts 6% $25-par five-year notes to $51.75 million

By Marisa Wong

Los Angeles, Jan. 3 – Sachem Capital Corp. sold an additional $6.75 million of 6% $25-par notes due Dec. 30, 2026 (Egan-Jones: BBB+) under the full exercise of the underwriters’ over-allotment option, according to an 8-K filed Monday with the Securities and Exchange Commission.

This brings the total size of the registered public offering to $51.75 million. Sachem priced the initial $45 million of 6% $25-par five-year notes on Dec. 14.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Co. LLC are the joint bookrunners.

Colliers Securities LLC is co-manager.

The notes are redeemable after two years at par plus accrued interest.

Coupons are payable on March 30, June 30, Sept. 30 and Dec. 30 of each year, starting on March 30, 2022.

Sachem plans to use proceeds for working capital and general corporate purposes, such as funding new real estate loans secured by first mortgage liens. In addition, the company may use the proceeds to redeem some or all of its June 2024 notes or its December 2024 notes and to acquire other real estate finance companies or existing mortgage loan portfolios.

The notes are listed on the New York Stock Exchange under the symbol “SCCD.”

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

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