Sachem Capital Corp. (SACH): debt financing — Sachem Capital enters $45M revolving credit facility with Needham Bank, refinances mortgage

Sachem Capital Corp.

Entered $45M revolving credit facility with Needham Bank, expandable to $75M, secured by substantially all assets.
Credit facility matures March 2, 2026, with one-year extension option; interest at prime minus 0.25% (floor 4.50%).
Refinanced $1.4M mortgage into $1.66M loan from New Haven Bank at 5.75% initial rate, maturing March 1, 2038.
New mortgage is non-recourse, secured by properties at 698 Main St and 568 East Main St, Branford, CT.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sachem Capital Corp. incurred revolving credit of $45 million with Needham Bank at the greater of (i) the annual rate of interest equal to the 'prime rate,' as pub maturing March 2, 2026.

Instrument: revolving credit
Principal: $45 million
Counterparty: Needham Bank
Rate: the greater of (i) the annual rate of interest equal to the 'prime rate,' as pub
Maturity: March 2, 2026
Event: incurrence

Exact text from the filing

On March 2, 2023, Sachem Capital Corp. (the “ Company ”) entered into Credit and Security Agreement (the “ Credit Agreement ”), with Needham Bank, a Massachusetts co-operative bank, as the administrative agent (the “ Administrative Agent ”) for the lenders party thereto (the “ Lenders ”) with respect to a $45 million revolving credit facility (the “ Credit Facility ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sachem Capital Corp. entered into Credit Agreement with Needham Bank valued at $45 million (effective 2023-03-02).

Action: entry
Agreement: credit facility
Counterparty: Needham Bank
Value: $45 million
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, Sachem Capital Corp. (the “ Company ”) entered into Credit and Security Agreement (the “ Credit Agreement ”), with Needham Bank, a Massachusetts co-operative bank, as the administrative agent (the “ Administrative Agent ”) for the lenders party thereto (the “ Lenders ”) with respect to a $45 million revolving credit facility (the “ Credit Facility ”).

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Sachem Capital Corp. filing history →

Source: SEC EDGAR

accession 0001104659-23-028523

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