WestPoint Stevens Inc.'s $950 million high-yield offering was rumored to be about three times oversubscribed yesterday.

"They are very pleased," Steven S. Anreder, a spokesman for Valley Fashions Corp. and its 95%-owned subsidiary, WestPoint-Pepperell Inc., said of company reaction to investor demand. The offering, done via lead manager Donaldson, Lufkin & Jenrette Securities Corp., was increased from $600 million.

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