Sachem Capital Corporation Prices $25 Notes

Financial REIT Sachem Capital (SACH) has priced their previously announced baby bond.

The issue prices at 6.00% for 1.8 million shares (bonds). Another 270,000 are available for over allotment.

This issue is rated BBB+ from Egan Jones.

There is no OTC trading and those wanting shares before exchange trading will need to call their brokers bond desk.

The pricing term sheet can be found here.

18 thoughts on “Sachem Capital Corporation Prices $25 Notes”

  1. FYI…for anyone who has Fidelity, the website was down for me but I was able to trade this on the Phone App.

    1. Fido won’t let me place ANY orders this AM–any symbol causes “please enter valid symbol” error. Reloaded browser, etc. FTW?

      1. I had the same problem – always “invalid stock ticker”. tried many valid stocks.

    2. @NWGG- How did you get it done?
      When I enter a trade online, I get a “Please enter a valid symbol” error, even though it’s showing up with B/A price and volume.
      Now I’m in telephone limbo waiting for someone who can execute a trade.

      1. @Bruce

        Active Trader Pro

        I just entered an order and canceled no problem. Fido hates my Pale Moon browser. I have to use stupid Firefox..aaarrggghhh

        1. @NWGG – Thank you!
          I looked at Active Trader Pro just now. I’m not really that active a trader and don’t use technicals. Can you comment on how it works for you? Thanks again,
          b

          1. Bruce,

            I like the Active Trader Pro because it reminds me of the Quotron I used to look at in the 90’s. Green/White/Red against a dark background similar to the dial-in modem days. There are a lot of things that you can do with it that I don’t really do. You can go into the web based platform from Active Trader Pro like research, account activity, etc… It will eventually kick you out of the web based portion and make you re-login. Quotron used to big bucks back in the day. You used to have to have that satellite thingy and pay about $600 or so a month from what I remember. I never paid for it, but the employer did. Used to have to pay .99 cents for a chart at Big Charts.

            Yes, and we did walk barefoot uphill for two miles in the snow to school every morn’. Ha ha

      2. I’m getting that for any and all symbols, not just SCCD. E.g., tried to sell a holding, and it gave me that response.

        1. The quote system crashed for a couple of minutes. Sometimes you can place an order using the CUSIP in the “Find Bonds” section.

    1. FWIW, I bought a little when it first came out (probably on “gray market,” but not sure). Might try to grab some more to replace my SACC. And I assume SCCC will be called at when they can, 9/2/22 per QOL.

      1. @CR is SACC being called? I know it is callable since 11/07/2021 but do not recall any news that it is being called.

        I would prefer to own this (say, instead of SACH-A) at or near par as it has a maturity in 2024 and likely less affected by potentially rising rates

        1. From Tim’s first post on SACH plan to sell this issue quoting the prospectus:

          We intend to use the net proceeds from the sale of the Notes offered under this Prospectus Supplement for working capital and general corporate purposes, i.e., to fund new real estate loans secured by first mortgage liens. We may also use the net proceeds from the sale of the Notes to redeem some or all of the June 2024 Notes and/or the December 2024 Notes, to acquire other real estate finance companies or mortgage loan portfolios, although at this time no such acquisitive transactions are pending.

    2. I generally prefer the higher yield over the one with redemption date. Here the coupon difference is so big I don’t think it’s a close call.
      Yes I have some SACH-A, not much. Bought more for the div capture and sold it already. No interest in their lower yielding issue.

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