Handy & Harman amends loan, eliminating some paydown requirements

By Sara Rosenberg

New York, Oct. 3 - Handy & Harman amended its credit facility, eliminating the requirement that proceeds from a rights offering by parent company, WHX Corp., be paid to the credit facility lenders, according to an 8-K filed with the Securities and Exchange Commission Friday.

The amendment was completed on Sept. 29 and is effective as of Sept. 26.

Wachovia is the lead bank on the deal.

In connection with the amendment, WHX entered into a letter agreement with Ableco Finance LLC, under which it was agreed that within 10 days after the effective date of the amendment, an additional $5 million from the proceeds of WHX's rights offering will either be used to pay down a term loan held by Bairnco Corp., another subsidiary, or be used to pay down Handy & Harman's term loan.

Handy & Harman is a Rye, N.Y.-based diversified manufacturer and the parent of a family of materials engineering and specialty manufacturing companies.

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