Paragon pushes back bond swap deadline

Paragon-Shipping

Paragon Shipping announced the extension of its previously announced offer to exchange all properly delivered and accepted 8.375% senior notes due 2021 issued in $25.00 denominations with CUSIP number 69913R-507 (each a “Paragon Note” and collectively the “Paragon Notes”) for shares of common stock (the “Common Stock”) of Paragon (the “Exchange Offer”) to 5:00 p.m. (New York City time) on October 31, 2016 (the “Extended Expiration Date”).

Unless there is another extension, settlement for all of the Paragon Notes validly delivered and not withdrawn on or before the Extended Expiration Date, whether made prior to or after this announcement, will be on November 3, 2016 (the “Settlement Date”). Deliveries of Paragon Notes, whether made prior to or after this announcement, may be withdrawn and consents delivered pursuant to the Consent Solicitation, as defined below, may be revoked at any time until the Extended Expiration Date.

Based on information provided by the depository for the Exchange Offer, as of 11:59 p.m. (New York City time) on Friday October 14, 2016, approximately 83,938 Notes or 11.2626% of the outstanding Paragon Notes had been delivered and not validly withdrawn from the Exchange Offer.

Each holder of a Paragon Note (each a “Holder” and collectively the “Holders”) who validly delivers and does not withdraw all Paragon Notes held by such Holder, shall receive ten (10) shares of Common Stock for each Paragon Note, which shall include any accrued and unpaid interest thereon. As part of the Exchange Offer, Holders will also be required to consent to the removal of certain covenants and sections of the Paragon Notes’ Indenture dated August 8, 2014 (the “Consent Solicitation” and together with the Exchange Offer, “Exchange Offer and Consent Solicitation”). Any Noteholder that validly delivered Paragon Notes by October 6, 2016 and has not withdrawn their Notes will receive an additional two (2) shares of Common Stock for each Paragon Note so that they have received a total of ten (10) shares of Common Stock for each Paragon Note validly delivered and not withdrawn, which shall include any accrued and unpaid interest thereon. Any Noteholder that validly delivered Paragon Notes after October 6, 2016 but before 11:59 P.M. New York City time on October 14, 2016 will receive an additional four (4) shares of Common Stock for each Paragon Note validly delivered and not withdrawn so that they will have received a total of ten (10) shares of Common Stock for each Paragon Note validly delivered and not withdrawn, which shall include any accrued and unpaid interest thereon.

Holders who deliver and do not withdraw their Paragon Notes in the Exchange Offer and the Consent Solicitation by the Extended Expiration Date will not be entitled to any future interest on such Paragon Notes or any accrued but unpaid interest as of November 3, 2016, regardless of when the Exchange Offer and the Consent Solicitation closes, and any subsequent interest that would otherwise have been earned on such Paragon Notes will be deemed paid in full upon receipt of the Common Stock in the Exchange Offer and the Consent Solicitation.

Paragon also waives the minimum exchange condition that at least 80% of the aggregate principal amount of all outstanding Paragon Notes be validly delivered for exchange and not withdrawn.

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