Paragon sights $25m

Paragon Shipping has set its sights on $25m from a notes offering

Michael Bodouroglou-led Paragon yesterday revealed plans to tap the capital markets to raise funds for debt repayment.

After the close of US trading, Paragon revealed the notes will carry interest of 8.375% per year.

Deutsche Bank Securities and Jefferies are the joint-book runners of the offering, with Maxim Group and MLV & Co also on the card.

Nasdaq-listed Paragon, which will list the new paper in New York, had debt of $180.115m at the end of the first quarter.

The notes will fall due in 2021.