WAXMAN <WAXM> SELLS CONVERTIBLE DEBENTURES
Waxman Industries Inc is raising 25
mln dlrs through an offering of convertible subordinated
debentures due 2007 with a 6-1/4 pct coupon and par pricing,
said sole underwriter Drexel Burnham Lambert Inc.
    The debentures are convertible into the company's common
stock at 14.375 dlrs per share, representing a premium of 25
pct over the stock price when terms on the debt were set.
    Moody's Investors Service Inc rates the debentures B-2.
Proceeds will be used to repay short and long-term
indebtedness.
 Reuter
