By James McCandless
San Antonio, June 21 – Sachem Capital Corp. sold a downsized $23 million of five-year notes (Egan-Jones: BBB+) on Friday at par of $25 with a coupon of 7.125%, according to a press release.
There is a $3.45 million greenshoe.
The deal was downsized from an initial $25 million and came in at the high end of talk for a coupon of 7% to 7.125%.
Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.
The notes are redeemable on or after June 30, 2021 at par.
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.
| Issuer: | Sachem Capital Corp.
|
| Description: | Notes
|
| Amount: | $23 million
|
| Greenshoe: | $3.45 million
|
| Maturity: | June 30, 2024
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC
|
| Coupon: | 7.125%
|
| Price: | Par of $25
|
| Yield: | 7.125%
|
| Call: | On or after June 30, 2021 at par
|
| Pricing date: | June 21
|
| Settlement date: | June 25
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: SCCB
|
| Talk: | 7%-7.125%
|
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