PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 3:41 PM
| This Slide: #57 of 609 |
Slide #57. Sachem Capital Corp. — Preferred Stock Offering
Company:
Sachem Capital Corp. (AMEX:SACH)
Date announced:
6/23/2021
Shares Offered:
1,700,000
Date of Pricing:
6/23/2021
Price Per Share:
$25.00
Preferred Stock Offering Details:
Sachem Capital Corp. (NYSE American: SACH) today announced that it has commenced an underwritten public offering of its Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"). The terms of the offering, including the number of shares to be offered and sold and the dividend rate are to be determined by negotiations between the Company and the underwriters. The Series A Preferred Stock has a private credit rating of BBB' from Egan-Jones Ratings Company, an independent unaffiliated rating agency. In addition, the Company plans to grant the underwriters a 30-day option to purchase additional shares of Series A Preferred Stock on the same terms and conditions to cover overallotments, if any. -updated 6/23- Sachem Capital Corp. (NYSE American: SACH) today announced that it has priced an underwritten public offering of 1,700,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a public offering price of $25.00 per share, which will result in net proceeds to the Company of approximately $40.8 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. The Series A Preferred Stock has a private credit rating of BBB' from Egan-Jones Ratings Company, an independent unaffiliated rating agency. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 255,000 shares of Series A Preferred Stock on the same terms and conditions to cover overallotments, if any.
Sachem Capital is a real estate investment trust. Co. is a real estate finance company that engages in originating, underwriting, funding, servicing and managing a portfolio of short-term (i.e., three years or less) loans secured by first mortgage liens on real property located primarily in the Northeastern U.S. and Florida. Generally, borrowers use the proceeds from Co.'s loans to acquire and/or renovate existing residential (single-, two- or three-family) real estate properties, acquire vacant real estate for development, and purchase and hold properties. Co.'s mortgage loans are structured to fit the needs and business plans of the borrowers.
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Avg. Broker Rec.
 
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Strong Buy (3.50 out of 4) 59th percentile
(ranked higher than approx. 59% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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