Paragon Shipping Inc. (NASDAQ: PRGN) (“Paragon Shipping” or the “Company”), a global shipping transportation company specializing in drybulk cargoes, announced today that it has entered into a firm commitment for a new $120.0 million senior secured amortizing credit facility with a syndicate of major European banks led by Nordea Bank Finland PLC to partly finance up to 60% of the market value of the Company’s two Ultramax newbuildings scheduled to be delivered in 2015 and to refinance several of the vessels in its operating fleet. The six-year facility is subject to the execution of definitive documentation and completes the financing for the Company’s Ultramax newbuilding program, leaving only the three recently purchased Kamsarmax newbuildings, that are to be delivered between the second and fourth quarters of 2015, to be financed.   SOURCE Paragon Shipping Inc.