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Paragon Shipping Inc. Announces Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021
Paragon Shipping Inc. Announces Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021.
About this update from Paragon Shipping Inc
[{"type":"text","content":"\n\n\n\nParagon Shipping Inc. Announces Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nParagon Shipping Inc. Announces Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021\nPR Newswire\nATHENS, Greece, Sept. 7, 2016\n\n\n\nATHENS, Greece, Sept. 7, 2016 /PRNewswire/ -- Paragon Shipping Inc. (the \"Company\") today 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 (each a \"Paragon Note\" and collectively the \"Paragon Notes\") for shares of common stock (the \"Common Stock\") of Paragon (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 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\").\n\nThe Exchange Offer and Consent Solicitation will expire at 11:59 P.M., New York City time, on October 14, 2016, unless extended (as it may be extended, the \"Expiration Date\"). Paragon Notes delivered and not withdrawn prior to the Early Delivery Deadline may not be withdrawn. Unless there is an extension, settlement for the Paragon Notes validly delivered and not withdrawn on or before the Early Delivery Deadline will be on October 11, 2016 (the \"Initial Settle...