Paragon’s note sale disappoints

Bodouroglou Paragon

Paragon Shipping announced the expiration 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 for shares of common stock of Paragon at 5:00 p.m. (New York City time) on March 18, 2016.

Based on information provided by the depository for the Exchange Offer, as of 5:00 p.m. (New York City time) on Friday March 18, 2016, 184,721 Notes or approximately 18.8% of the outstanding Paragon Notes were delivered and not validly withdrawn from the Exchange Offer.

Each holder of a Paragon Note (each a “Holder” and collectively the “Holders”) who validly delivered and did not withdraw (“Delivered”) all Paragon Notes held by such Holder, shall receive four (4) shares of Common Stock, which shall include any accrued and unpaid interest thereon. As part of the Exchange Offer, Holders who Delivered their Notes also 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”). Settlement for all of the Delivered Paragon Notes is expected to be on March 23, 2016 (the “Settlement Date”).

Holders who Delivered their Paragon Notes in the Exchange Offer and the Consent Solicitation will not be entitled to any future interest on such Paragon Notes or any accrued but unpaid interest as of March 23, 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.

After taking advantage of a 30-day grace period, the Company did not make a quarterly cash interest payment due on March 17, 2016, which was initially due on February 16, 2016.

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