Sachem Capital Corp. Price Registered Public Offering of $50.0 million of 6.00% Notes


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BRANFORD, Conn., March 03, 2022 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) Announces the Pricing of a Registered Public Offering of $50.0 Million Aggregate Principal Amount of 6.00% Unsecured and Unsubordinated Notes Due Five Years from the Date issue (“Notes”). The net proceeds of the offering to Sachem Capital Corp. is expected to be approximately $48.2 million after payment of underwriting discounts and commissions and estimated offering costs payable by Sachem Capital Corp.

The offering is expected to close on March 9, 2022, subject to customary closing conditions. Sachem Capital Corp. 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.

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 are expected to list on the NYSE American under the symbol “SCCE” and 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 commencing 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.

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. 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 are acting as joint bookrunners for the offering. Colliers Securities LLC is acting as co-manager of the offering.

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.

A registration statement relating to, among other things, the Notes has been filed with and declared effective by the Securities and Exchange Commission. The offering is being made only by means of a related prospectus supplement and an accompanying base prospectus forming part of the effective registration statement, copies of which may be obtained, when available, from from: Ladenburg Thalmann & Co. Inc. upon written request to Syndicate Department, 640 5th Avenue, 4th Floor, New York, NY 10019 (phone number 1-800-573-2541) or by e-mail [email protected]; Janney Montgomery Scott LLC, by written request to 1717 Arch Street Philadelphia, PA 19103 (phone number 1-800-526-6397) or by email [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 email [email protected]; or William Blair & Company, LLC by written request to 150 North Riverside Plaza, Chicago, Illinois 60606 (phone number 1-800-621-0687) or email [email protected]. Copies may also be obtained free of charge by visiting EDGAR on the SEC’s website at http://www.sec.gov.

Sachem Capital Corp. has filed a preliminary prospectus supplement, dated March 3, 2022, with the Securities and Exchange Commission which contains a more detailed description of the Notes and the terms of the offering. The preliminary prospectus supplement, dated March 3, 2022, and the accompanying base prospectus, dated February 25, 2022, which contain other important information about Sachem Capital Corp., should be read carefully before investing in the tickets. Investors are urged to carefully consider their personal investment objectives, the risks relating to Sachem Capital Corp., generally, and the Notes in particular, and other matters relating to Sachem Capital Corp., its business, operations and its financial situation, before investing in the notes.

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 criteria 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

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Source: Sachem Capital Corp.

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