Real estate finance REIT Sachem Capital (SACH) will be selling a new issue of notes with a maturity date in 2024.
SACH is a small company with assets of just $96 million, but they have only $23 million in debt.
The notes will have an early redemption date in 2021.
SACH had issued notes earlier in 6/2019 with a 7.125% coupon under ticker SCCB–which can be seen here. Those notes have traded pretty decently since issuance and are at $25.95 today.
Just to remind newer readers these notes will be senior to the common stock and pari passu (equal) to all outstanding and future unsecured unsubordinated debt. The only debt the company has is $22 million from their SCCB issuance (noted above and which is pari passu to this new issue) and mortgage debt of $800,000 which is senior to this issue.