Little Sachem Capital (SACH) is selling an issue of $1000 notes to pay off their maturing SCCB 7.125% baby bonds on 6/30/2024. ADDITIONALLY they may call all of or a portion of the SACC 6.875% baby bond which mature on 12/30/2024.
The prospectus for the new issue is here. It will be interesting to see what coupon this new issue prices at later today.
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I bought a large chunk of SCCB for 24.92 about 11 weeks ago. Waited til x-div last week and sold for 24.94 and collected the nice div. I won’t be buying this new issue.
So undecided on SACH then? Best to stay out of the last chance saloon on general prinicpals.
SACH drinkin’ at the last chance saloon? I guess we will find out.
The quality of many recent offerings leaves a lot to be desired. The last big purchase I made on a single preferred was ALL-J. That was a gift. Everything else I take the smallest of bites. That was a year ago if you can imagine that. Time flies. I simply cannot get excited about all these baby bonds (notes) that have come out recently even though I might buy a tiny bit of the stronger offerings.
Im certainly not bellying up at this bar.
August, you have a company valued at 132 million with a stock price as of yesterday at $2.80 with 7 outstanding BB an 1 preferred that total $ 266. million Plus other liabilities to total $288 million, that is going to borrow more to pay off 30 million of I.O.U’s ?
Not with my money.