The registration statement approved by the SEC covers $553 million of preferred stock and subordinated debt. Proceeds from the offering will be used for general corporate purposes, including possible acquisitions. Additionally, the company may use about $125 million of the proceeds to retire certain existing debt. The offering, underwritten by Drexel Burnham Lambert, consists of $313 million principal amount of debentures and $175 million of 10% convertible exchangeable preferred stock. In addition, for a 30-day period the underwriters may acquire up to $39 million of 10-year debentures and $26 million of preferred stock.