Sachem greenshoe ups $25-par 6.875% five-year notes to $34.5 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 20 – Underwriters for Sachem Capital Corp.’s 6.875% $25-par notes (Egan-Jones: BBB+) due Dec. 30, 2024 fully exercised their $4.5 million greenshoe, increasing the total size of the deal to $34.5 million, according to a news release.

The company priced $30 million of the notes on Oct. 31, as previously reported.

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

The notes are redeemable on or after Nov. 7, 2021 at par.

Sachem plans to use the proceeds for working capital and general corporate purposes.

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

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

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