Handy & Harman gets $163.15 million in loans

By Sara Rosenberg

New York, April 2 - Handy & Harman, a wholly-owned subsidiary of WHX Corp., got a new $92.15 million credit facility via Congress Financial Corp. and a new $71 million term loan B via Ableco Finance LLC, according to a company news release.

The Congress Financial credit facility consists of a $70 million revolver and a $22.15 million term loan.

In connection with the transaction, WHX also made a $43.5 million subordinated loan to Handy & Harman.

Proceeds from all the loans were used to refinance Handy & Harman's previous credit facility with Citibank NA, and for working capital purposes.

Handy & Harman is a Rye, N.Y., diversified manufacturing company with activities in precious metals fabrication, specialty wire and tubing and engineered materials.

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