WHX plans to use rights offering proceeds to repay debt, redeem preferred stock of subsidiaries

By Jennifer Chiou

New York, Oct. 18 - WHX Corp. intends to use proceeds from a rights offering of its common stock to redeem preferred stock issued by a wholly owned subsidiary, to repay indebtedness to Steel Partners II, LP, its largest stockholder, and to repay debt of certain subsidiaries to Steel Partners, according to an S-1 filing with the Securities and Exchange Commission.

The company said it expects that the total purchase price of the shares in the offering will be $170 million.

WHX is a holding company based in Rye, N.Y. Its primary business is Handy & Harman, a diversified manufacturing company.

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