Paragon tries again with debt-for-equity swap

Paragon-Shipping

Paragon Shipping announced it has commenced an offer to exchange all properly delivered and accepted 8.375% senior notes due 2021 issued in $25.00 denominations with CUSIP number 69913R-507 for shares of common stock of Paragon.

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 6 shares of Common Stock for each Paragon Note, which shall include any accrued and unpaid interest thereon.

Any Holder that validly delivers and does not withdraw all Paragon Notes held by such Holder by October 6, 2016 (the “Early Delivery Deadline”) shall receive an early delivery premium of 2 shares, resulting in a total of 8 shares of Common Stock being received 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 (together with the Exchange Offer, “Exchange Offer and Consent Solicitation”).

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