Sachem partial greenshoe lifts 7.125% $25-par notes to $30 million

By Marisa Wong

Los Angeles, June 3 – The underwriters of Sachem Capital Corp.’s 7.125% notes due 2027 (Egan-Jones: BBB+) exercised $2.5 million of their over-allotment option, bringing the total size of the offering to $30 million, according to a Friday press release.

Sachem had priced $27.5 million of the 7.125% five-year notes at par on May 6. The deal had included 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 acted as bookrunners.

Proceeds will be used for working capital and general corporate purposes.

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

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

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