NEW YORK -- WestPoint Stevens Inc. plans a secondary offering of 5 million shares, according to a filing with the SEC.

The bulk of the shares to be sold belong to Magten Asset Management Corp., holder of 14 percent of the firm's outstanding common shares. Magten will offer 4,140,871 shares, which will leave it with 1.7 percent. However, if the underwriters pick up an option for an additional 700,000 shares, Magten will have sold its entire stake. WestPoint Stevens stock closed Friday at 16 7/8, up 1/8 in over-the-counter trading.

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