Exhibit 99.1
FOR IMMEDIATE RELEASE
WHX AMENDS CONSENT SOLICITATION FOR 10 1/2% SENIOR NOTES DUE 2005 TO
IMPOSE CERTAIN ADDITIONAL RESTRICTIONS ON ABILITY OF WHX TO TAKE
CERTAIN ACTIONS
New York, N.Y., October 3, 2000 - WHX Corporation (NYSE: WHX) today announced
that its consent solicitation relating to its 10 1/2% Senior Notes due 2005 (the
"Notes") was further amended to provide for additional limitations on certain
actions to be taken by WHX, including without limitation, amending certain
covenants to further restrict WHX's ability to make restricted payments, incur
additional indebtedness or utilize proceeds from asset sales. The expiration
date for the consent solicitation remains October 4, 2000.
WHX commenced soliciting consents from holders of its Notes to amendments of
certain covenants and other provisions of the indenture governing the Notes on
September 18, 2000. The detailed terms and conditions of the consent
solicitation are contained in the consent solicitation statement dated September
18, 2000, in Supplement No.1 dated September 29, 2000 and in Supplement No. 2
dated October 3, 2000. Holders of Notes can obtain copies of the Solicitation
Statement, Supplement No. 1, and Supplement No. 2 and related material from the
information agent for the consent solicitation, Innisfree M&A, Incorporated, at
(888) 750-5834 (toll free) or (212) 750-5833 (collect). Donaldson, Lufkin &
Jenrette ("DLJ") is acting as Solicitation Agent for the solicitation. Questions
regarding the solicitation can be addressed to DLJ at (310) 282-7495 (call
collect). WHX is also filing copy of Supplement No. 2 with the Securities
Exchange Commission on Form 8-K.
WHX is a holding company that has been structured to invest in and/or acquire a
diverse group of businesses on a decentralized basis. WHX's primary businesses
currently are Handy & Harman, a diversified manufacturing company whose
strategic business segments encompass, among others, specialty wire, tubing, and
fasteners, and precious metals plating and fabrication, and WPC, a vertically
integrated manufacturer of value-added and flat rolled steel products. WHX's
other businesses include Unimast Incorporated, a leading manufacturer of steel
framing and other products for commercial and residential construction and WHX
Entertainment Corp., a co-owner of a racetrack and video lottery facility
located in Wheeling, West Virginia.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty. Although WHX believes
that the assumptions underlying the forward-looking statements contained herein
are reasonable, any of the assumptions could be inaccurate, and therefore,
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there can be no assurance that the forward-looking statements included in this
press release will prove to be accurate. In light of the significant
uncertainties inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a representation by WHX
or any other person that the objectives and plans of WHX will be achieved.
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Contact:
Niron Stabinsky
Donaldson, Lufkin & Jenrette
(310) 282-7495
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