QUANTUMONLINE.COM SECURITY DESCRIPTION: Sachem Capital Corp., 6.875% Notes due 12/30/2024, issued in $25 denominations, redeemable at the issuer's option on or after 11/07/2021 at $25 per note plus accrued and unpaid interest, and maturing 12/30/2024. Interest distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date that will be 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date).
Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders.
Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest.
This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB+ by Egan-Jones Ratings Co.at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company except for the $795,000 mortgage loan from Bankwell Bank bearing interest at the rate of 5.06% per annum and maturing on March 31, 2029. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
