Sachem Capital offers $25 million five-year notes at 7%-7.125%

By James McCandless

San Antonio, June 20 – Sachem Capital Corp. plans to price a $25 million offering of five-year notes (Egan-Jones: BBB+) at par with a coupon of 7% to 7.125%, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.

The $25-par notes are redeemable after two years.

Sachem plans to use the proceeds for general corporate purposes and working capital, which may include expanding its portfolio of real estate loans secured by first mortgage liens and new investment opportunities as suitable opportunities arise.

The company plans to list the notes on the New York Stock Exchange under the symbol “SCCB.”

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

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