Sachem Capital Corp. Announces Full Repayment and Delisting of Maturing Unsecured Unsubordinated Notes From NYSE American
Rhea-AI Summary
Sachem Capital Corp. (NYSE American: SACH) has announced the scheduled maturity and full repayment of its 6.875% unsecured, unsubordinated Notes (ticker: SACC) on December 30, 2024. The company will redeem the Notes at par value plus accrued and unpaid interest. The final trading day for these Notes is expected to be December 27, 2024, after which no Notes will remain outstanding. Note holders do not need to take any action and will be directly notified about the redemption process details.
Positive
- Full repayment of debt obligations as scheduled, demonstrating financial responsibility
- Ability to meet maturity obligations without refinancing or extension
Negative
- Loss of debt financing source requiring potential replacement capital
News Market Reaction – SACH
In the trading session that priced this news, SACH declined 3.25%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
BRANFORD, Conn., Dec. 24, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) reminds holders that its
Sachem expects the last trading day for the Notes will be December 27, 2024. After the maturity date, no Notes will remain outstanding.
| Ticker | CUSIP | Maturity Date | Supplemental and Prospectus Link |
| SACC | 78590A 307 | 12/30/2024 | SEC Filing |
Impact on Note Holders
The final payment with respect to the Notes, including principal and accrued interest, will be made on or before December 30, 2024, as described in the prospectus supplement. No action is required by Note holders, and they will be notified directly regarding the details of the redemption process.
About Sachem Capital Corp.
Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loan to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.
Forward Looking Statements
This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2024 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 14, 2024. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.
Investors:
Email: investors@sachemcapitalcorp.com
