Sachem Capital Corp. announces the closing of a public offering

      Comments Off on Sachem Capital Corp. announces the closing of a public offering

BRANFORD, CT, March 09, 2022 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) announces the closing of its previously announced registered public offering of $50.0 million aggregate principal amount of 6.00% unsecured and unsubordinated notes due March 30, 2027 (“ Remarks “). Net proceeds from the offering are expected to be approximately $48.2 million after payment of underwriting discounts and commissions and estimated offering costs payable by the Company.

Sachem has granted the underwriters a 30-day option to purchase up to an additional aggregate principal amount of $7.5 million of notes to cover over-allotments, if any. The over-allotment option expires on April 2, 2022.

Notes will be graded past bet with all unsecured and unsubordinated debt of the company, whether currently outstanding or issued in the future. The Notes have been approved for listing on the NYSE American under the trading symbol “SCCE” and are expected to begin trading on or about March 10, 2022.

The Notes will mature on March 30, 2027 and may be redeemed, in whole or in part, at any time or from time to time, at the Company’s option beginning on March 9, 2024. Interest on the Notes will accrue at the rate annual rate of 6.00% and will be payable quarterly, in arrears, on March 30, June 30, September 30 and December 30 during which the Notes are outstanding, commencing on June 30, 2022.

Sachem plans to use the net proceeds from ticket sales for working capital and general corporate purposes, that is to say, primarily to fund new home loans secured by first mortgage liens.

The Notes have a private credit rating of BBB+ assigned by Egan-Jones Ratings Company, an independent, unaffiliated rating agency. Egan-Jones is a nationally recognized statistical rating organization and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP). Egan-Jones is also certified by the European Securities and Markets Authority. A security rating is not a recommendation to buy, sell or hold any security and may be subject to revision or withdrawal at any time.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, InspereX LLC and William Blair & Company, LLC acted as joint bookrunners for the offering. Colliers Securities LLC acted as co-manager of the offering.

The offer and sale of the Notes has been made solely pursuant to an effective registration statement relating to, among other things, the Notes, and related prospectus supplement, dated March 3, 2022, which contains a detailed description of the Notes and the terms of the offering, and an attached base prospectus, dated February 25, 2022, which contains, among other things, other important information about Sachem Capital Corp., its business, operations and condition financial. Copies of the prospectus supplement and the accompanying base prospectus may be obtained from: Ladenburg Thalmann & Co. Inc. upon written request to the Syndicate Department, 640 5th Avenue, 4th Floor, New York, NY 10019 (number 1-800-573-2541) or by emailing [email protected]; Janney Montgomery Scott LLC, by written request to 1717 Arch Street Philadelphia, PA 19103 (phone number 1-800-526-6397) or by emailing [email protected]; or InspereX LLC, Attn: Syndicate Department, 200 S. Wacker Drive, Suite 3400, Chicago, IL 60606 (phone number 1-800-327-1546) or by emailing [email protected]; or William Blair & Company, LLC upon written request to 150 North Riverside Plaza, Chicago, Illinois 60606 (phone number 1-800-621-0687) or by emailing [email protected]. Copies may also be obtained free of charge by visiting EDGAR on the SEC’s website at

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of this offer or any other securities, nor will there be any sale of the Notes or any other securities. mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Sachem Capital Corp.

Sachem Capital Corp. specializes in the origination, underwriting, financing, servicing and management of a portfolio of first mortgage loans. It offers short-term (i.e. three years or less) secured non-bank loans (sometimes referred to as “hard money” loans) to property investors to finance the acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. . The company does not lend to owner occupiers. The company’s primary underwriting criterion is a conservative loan-to-value ratio. The properties securing the Company’s loans are generally classified as residential or commercial real estate and are generally held for the purpose of resale or investment. Each loan is secured by a first ranking mortgage on real estate. Each loan is also personally guaranteed by the principal(s) of the borrower, which security may be secured as security by a pledge of the guarantor’s interest in the borrower. The company also makes opportunistic real estate purchases outside of its lending business. The company believes that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT beginning with its 2017 tax year.

Forward-looking statements

This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future operating results and financial condition, our strategy and plans, and our expectations for future operations, are statements prospective. The words “anticipate”, “estimate”, “expect”, “project”, “plan”, “seek”, “intend”, “believe”, “may”, “might”, ” will”, “should”, “could”, “likely”, “continue”, “design” and the negative form of these terms and other similar words and phrases are intended to identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our financial condition, results of operations, strategy, operations and business objectives in the near and future. long term and our financial needs. These forward-looking statements are subject to several risks, uncertainties and assumptions, as described in our 2020 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission on March 31, 2021. Due to these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results may differ materially and adversely from those anticipated or implied by the forward-looking statements.

You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Further, neither we nor any other person assumes responsibility for the accuracy and completeness of such forward-looking statements. We disclaim any obligation to update any of these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these and other cautionary statements made in this press release. You should evaluate any forward-looking statements made by us in the context of these risks and uncertainties.

Investor and media contact:
Crescendo Communications, LLC
Email: [email protected]
Tel: (212) 671-1021