Chicago, May 6 – Sachem Capital Corp. priced $27.5 million of 7.125% five-year notes (Egan-Jones: BBB+) at par on Friday, according to an FWP filed with the Securities and Exchange Commission.
There is a greenshoe for an additional $4,125,000 of the $25-par notes.
The issuer has the option to redeem the notes at par starting May 11, 2024.
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Co. LLC are the bookrunners.
Proceeds will be used for working capital and general corporate purposes.
The notes are expected to be listed on the New York Stock Exchange American under the symbol “SCCF.”
Sachem is a Branford, Conn.-based real estate finance company.
| Issuer: | Sachem Capital Corp.
|
| Amount: | $27.5 million
|
| Greenshoe: | $4,125,000
|
| Issue: | Notes
|
| Maturity: | June 30, 2027
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Co. LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Kurzman Eisenberg Corbin & Lever, LLP
|
| Counsel to underwriters: | Blank Rome LLP
|
| Coupon: | 7.125%
|
| Price: | Par
|
| Yield: | 7.125%
|
| Call features: | At par plus interest starting May 11, 2024
|
| Trade date: | May 6
|
| Settlement date: | May 11
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE American: SCCF
|
| Cusip: | 78590A802
|
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