Posted at 8:07 a.m., Thursday, July 19, 2007
Marshall Islands company files for IPO of up to $201M
Associated Press
NEW YORK — Paragon Shipping Inc. today filed with the U.S. Securities and Exchange Commission for an initial public offering of up to $201.3 million in Class A common stock.Details about the number of shares offered and estimated price range for the IPO weren't disclosed in Thursday's SEC filing.
The Marshall Islands drybulk shipping company said it plans to use net proceeds from the IPO to fund a portion of the purchase price for three additional drybulk carriers that it's in negotiations to acquire.
Net proceeds may also be used to fund vessel acquisitions, repay up to $108.3 million in outstanding debt under its credit facility, or for general corporate purposes, the filing said.
UBS Investment Bank, Morgan Stanley and Cantor Fitzgerald & Co. were listed as underwriters for the IPO.
For the first quarter ended March 31, Paragon Shipping reported net income of $5.8 million on revenue of $12.9 million.
The company said it plans to list its shares on the Nasdaq, under the symbol PRGN.
The $201.3 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO offer differ substantially from the valuation in the first registration.
