Printer Friendly

WHEELING-PITTSBURGH: PUBLIC OFFERINGOF SERIES A CONVERTIBLE PREFERRED STOCK

 NEW YORK, June 11 /PRNewswire/ -- Wheeling-Pittsburgh Corporation (NYSE: WHX) announced today that it filed a registration statement for a public offering of 2,000,000 shares of new Series A convertible preferred stock, liquidation preference of $50 per share.
 Application will be made to list the convertible preferred stock on the New York Stock Exchange.
 The outstanding shares of common stock of Wheeling-Pittsburgh Corporation are listed under the symbol "WHX" on the New York Stock Exchange.
 The company will use the net proceeds from the sale of the 2,000,000 shares of convertible preferred stock to repay borrowings under the revolving credit facility, to repay other senior debt of $9.8 million, to increase the company's investment in its joint venture coating operation Wheeling-Nisshin, Inc. and for general corporate purposes including funding working capital and capital improvements. Merrill Lynch & Co., PaineWebber Incorporated and Salomon Brothers Inc will manage the offering.
 Wheeling-Pittsburgh Corporation is the eighth largest domestic integrated steel manufacturer with annual shipments of 2.1 million tons.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 6/11/93
 /CONTACT: Stewart E. Tabin of Wheeling-Pittsburgh, 212-355-5200/
 (WHX)


CO: Wheeling-Pittsburgh Corporation; Wheeling-Pittsburgh Steel
 Corporation ST: West Virginia IN: MNG SU: OFR


DM-CD -- PG006 -- 0965 06/11/93 09:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 11, 1993
Words:300
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- OPEN, FRIDAY, JUNE 11 /PRN/
Next Article:MONTANA PRECISION MINING: SKYGAS TECHNOLOGY READY FOR WORLD MARKET
Topics:


Related Articles
WHX PROPOSES $175 MILLION CONVERTIBLE PREFERRED ISSUE
WHX CORP. DECLARES CASH DIVIDEND
WHX CORP. DECLARES CASH DIVIDEND
WHX CORP. DECLARES DIVIDEND
WHX CORPORATION DECLARES DIVIDEND
WHX BOARD AUTHORIZES REPURCHASE OF OUTSTANDING STOCK
WHX Corporation Declares Dividend
WHX Corporation Declares Dividend
WHX Corporation Declares Dividend
WHX Corporation Declares Dividend

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters