Waxman Industries Inc. said holders of $6,542,000 face amount of its 6 1/4% convertible subordinated debentures, due March 15, 2007, have elected to convert the debt into about 683,000 common shares. 

The conversion price is $9.58 a share. 

The company said the holders represent 52% of the face amount of the debentures. 

Waxman sells a variety of hardware products for the home repair market.