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Paragon Shipping Inc. Announces Extension of the Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021
Paragon Shipping Inc. Announces Extension 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 Extension 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 Extension of the Exchange Offer to Retire All of the Outstanding 8.375% Senior Notes due 2021\nPR Newswire\nATHENS, Greece, Oct. 17, 2016\n\n\n\nATHENS, Greece, Oct. 17, 2016 /PRNewswire/ -- Paragon Shipping Inc. (the \"Company\") today 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 Unless there is another extension, settlement for all of the Paragon Notes validly delivered and not withdrawn on or before the Extended Expiration Date, whether made prior to or after this announcement, will be on November 3, 2016 (the \"Settlement Date\"). Deliveries of Paragon Notes, whether made prior to or after this announcement, may be withdrawn and consents delivered pursuant to the Consent Solicitation, as defined below, may be revoked at any time until the Extended Expiration Date.\n\nBased on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14, 2016, approximately 83,938 Notes or 11.2626% of the outstanding Paragon Notes had been delivered and not validly withdrawn from the Exchange Offer.\n\nEach holder of a Paragon Note (each a \"Holder\" and collectively the \"Holders\") who validly delivers and does not withdraw all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'...