Paragon Shipping 8.375% Senior Notes Due 2021 Finally Trading

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Greek dry bulk shipper Paragon Shipping (ticker:RGN) issued Senior Notes last month which we announced on the 5th of August and they finally began trading last Friday. These notes have a coupon of 8.375% although it appears that trading began in the $22.50 area which implies a current yield of 9.3%. These notes mature in 2021 and this is the most attractive attribute to us.  On the other had we are not looking to buy any securities of dry bulk shippers as we have positions in shippers.  It should be noted that the financials of Paragon are pretty dicey and the risk may be more than the potential reward.

Bottom line is these shares are plenty risky and we have no interest. 

Details of the issue are here.




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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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