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Paragon Shipping Inc. Announces Expiration of the Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021
Paragon Shipping Inc. Announces Expiration of the 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 Expiration of the 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 Expiration of the Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021\nPR Newswire\nATHENS, Greece, Nov. 1, 2016\n\n\n\nATHENS, Greece, Nov. 1, 2016 /PRNewswire/ -- Paragon Shipping Inc. (the \"Company\") today 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 (each a \"Paragon Note\" and collectively the \"Paragon Notes\") for shares of common stock (the \"Common Stock\") of Paragon (the \"Exchange Offer\") at 5:00 p.m. (New York City time) on October 31, 2016 (the \"Expiration Date\").\n\nBased on information provided by the depository for the Exchange Offer, as of 5:00 p.m. (New York City time) on Monday October 31, 2016, 84,588 Notes or approximately 11.3498% of the outstanding Paragon Notes were delivered and not validly withdrawn from the Exchange Offer.\n\nEach holder of a Paragon Note (each a \"Holder\" and collectively the \"Holders\") who prior to the Expiration Date validly delivered and did 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 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\"). Because the requisite number of exchanged Notes to amend the Paragon Notes' Indenture was not received, the Paragon Notes' Indenture will not be amended in connection with the Exchange Offer and Consent Solicitation. \n\nHolders who delivered and did not withdraw their Paragon N...