Paragon Shipping files $500 million shelf for stock, debt, preferreds

By Devika Patel

Knoxville, Tenn., Jan. 15 - Paragon Shipping Inc. filed a $500 million shelf in an F-3 filing with the Securities and Exchange Commission.

The registration covers common shares, preferred shares, debt securities, warrants, purchase contracts and units.

The securities may be structured as convertibles.

Proceeds will be used to make vessel acquisitions and for capital expenditures, debt repayment, working capital and general corporate purposes.

Paragon Shipping is an Athens, Greece-based provider of shipping transportation services, specializing in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials.

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