Sachem Capital Corp. (SACH), a real estate lender focused on first-mortgage loans, announced that its indirect subsidiary, Sachem Capital Corporation Holdings, LLC, has completed a $100 million private placement of five-year Senior Secured Notes due June 11, 2030.
The company drew $50 million at closing, with the remaining $50 million available until May 15, 2026. The Notes carry a fixed annual interest rate of 9.875%, payable quarterly, along with a 1% commitment fee on the undrawn amount. These Notes are fully guaranteed by Sachem and its wholly-owned subsidiary and received an A rating from Egan-Jones.
Proceeds will be used to repay existing debt, originate new investments, and redeem its 7.75% unsecured notes maturing in September 2025.
Jeffery Walraven, Interim CFO, stated that the financing enhances Sachem's financial flexibility, enabling debt repayment and expansion of its lending operations.
The Notes were sold under a private placement and are not registered under U.S. securities laws.
Thursday, SACH closed at $1.19, up 0.85%, and rose further in after-hours trading to $1.22, gaining 2.52% on the NYSE American.
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