ATHENS, Greece (August 5, 2014) – Paragon Shipping Inc. (NASDAQ:PRGN) (“Paragon Shipping” or the “Company”) announced today that it has priced its previously announced public offering of senior unsecured notes due 2021 (the “Notes”). The Notes will bear interest at a rate of 8.375% per year, payable quarterly on each February 15, May 15, August 15 and November 15, commencing on November 15, 2014. The Notes will mature on August 15, 2021, and may be redeemed in whole or in part at any time or from time to time after August 15, 2017. The Company has granted the underwriters a 30-day option to purchase up to an additional $3,750,000 of the Notes on the same terms and conditions. The offering is expected to close on August 8, 2014. The Company intends to use substantially all of the net proceeds from the offering for the repayment of existing indebtedness.