Paragon Shipping taps market; Arbor Realty trades; volumes light; preferred prices tick up

By Christine Van Dusen

Atlanta, Aug. 5 – Greece’s Paragon Shipping Inc. emerged to sell a $25 million offering of $25-par senior notes on a Tuesday that also saw the new Arbor Realty Trust Inc. reopening get some attention in trading.

Athens-based shipping container services company Paragon had set talk in the 8.375% area for an offering of $25-par senior notes due in 2021 with joint bookrunners Deutsche Bank Securities and Jefferies LLC in a Securities and Exchange Commission-registered deal, a trader said.

Maxim Group and MLV & Co. are the co-managers.

The notes priced late in the session.

In other trading on Tuesday morning, the new $35 million reopening of Arbor Realty’s 7.375% $25-par senior notes due 2021 (NYSE: ABRN) that priced on Monday traded at $24.10.

Deutsche Bank Securities Inc., Keefe Bruyette & Woods Inc. and MLV were the joint bookrunning managers. JMP Securities and Ladenburg Thalmann were the co-managers.

Preferreds trade higher

On Tuesday afternoon, Duke Realty Corp.’s 6.5% series K cumulative preferred shares ticked up 5 cents to close at $25.29 on volume totaling 269,142.

Royal Bank of Scotland’s 6.35% noncumulative dollar preference shares series N ADR moved up 7 cents to $24.32 on 187,231 shares traded.

And Royal Bank of Scotland’s 7.25% noncumulative dollar preference shares series T ADR rose 7 cents to close at $25.21 on 156,839 shares traded.

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