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WAXMAN INDUSTRIES, INC. COMPLETES PUBLIC OFFERING OF COMMON SHARES, REPURCHASES SENIOR SECURED NOTES

 WAXMAN INDUSTRIES, INC. COMPLETES PUBLIC OFFERING
 OF COMMON SHARES, REPURCHASES SENIOR SECURED NOTES
 BEDFORD HEIGHTS, Ohio, June 2 /PRNewswire/ -- Waxman Industries, Inc. (NYSE: WAX), a leading supplier to the home repair and remodeling market throughout the United States and Canada, announced today that it has completed its public offering of two million shares of common stock at a price of $5.00 per share, resulting in proceeds of $9.4 million before expenses.
 Waxman also said that the underwriters of the offering, led by Kidder, Peabody & Co. Incorporated and PaineWebber Incorporated, exercised their option to purchase an additional 198,900 shares to cover over-allotments, which provided additional proceeds of approximately $935,000.
 The proceeds were used by the Company to repurchase $9.5 million principal amount of its 12.25 percent Senior Secured Notes due Sept. 1, 1998, in open market purchases. The repurchase of the Notes will reduce the Company's future interest expense by approximately $1.2 million annually.
 The Senior Secured Notes were purchased at a premium to their face amount. As a result, earnings for the fourth quarter ending June 30, 1992 will include an extraordinary charge of approximately $700,000, net of applicable income taxes, or approximately 7 cents per share, which represents the premium along with the accelerated amortization of costs incurred in connection with the original issuance of the Notes.
 Armond Waxman, president and co-chief executive officer stated, "Although current market conditions were less favorable than we expected when we began the offering process, we are pleased to have completed this offering. Our goal was to bolster our balance sheet and we have accomplished that. This transaction increases stockholders' equity to $47 million, a 27 percent increase. The issuance of the common stock and the repurchase of the Notes improves our debt-to-equity ratio to 4.7 to 1 from 6.2 to 1 before the offering, and reduces our annual interest expense," he concluded.
 Waxman Industries, Inc. is a leading supplier to the home repair and remodeling market in the United States and Canada. In the U.S., the Company's plumbing, electrical and hardware products are sold primarily to home improvement centers, warehouse home centers, mass merchandisers, hardware stores, lumber yards and, through its mail order and telemarketing operations, to approximately 30,000 independent retailers, contractors and locksmiths. The Company assembles, packages and markets many of these products under its proprietary trade names. In Canada, the Company is one of the largest suppliers of plumbing and heating products, serving approximately 10,000 customers across Canada, including repair and remodeling contractors, residential and commercial construction contractors and retailers.
 -0- 6/2/92
 /CONTACT: Armond Waxman or Jerome Jacques of Waxman Industries, Inc., 216-439-1830; or Pat Gallagher of Edward Howard & Co., 216-781-2400, for Waxman Industries, Inc./
 (WAX) CO: Waxman Industries, Inc. ST: Ohio IN: SU: OFR


KK -- CL014 -- 6200 06/02/92 11:48 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
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