Exhibit 99.1
FOR IMMEDIATE RELEASE
WHX AMENDS CONSENT SOLICITATION FOR 10 1/2% SENIOR NOTES DUE 2005 TO EXTEND
CONSENT SOLICITATION, RAISE CONSENT FEE AND IMPOSE ADDITIONAL RESTRICTIONS ON
ABILITY OF WHX TO TAKE CERTAIN ACTIONS
New York, N.Y., September 28, 2000 - WHX Corporation (NYSE: WHX) today announced
that it is extending the expiration date for its consent solicitation relating
to its 10 1/2% Senior Notes due 2005 (the "Notes") until 5:00 p.m. New York City
time on October 4, 2000, unless further extended by WHX prior to such time. The
record date for the consent solicitation is the expiration date, as so extended.
WHX further announced that it is increasing the amount of the payment that WHX
will make to each holder of Notes whose consent is received and accepted prior
to the expiration date to $20 in cash for each $1,000 principal amount of Notes
for which a consent has been accepted, as described in the solicitation
statement.
In addition, the consent solicitation was further amended to provide for
additional limitations on certain actions to be taken by WHX, including without
limitation, amending certain covenants and other provisions to further restrict
WHX's ability to exclude certain items from the restricted payments limitations
and to further restrict WHX's use of asset sale proceeds.
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 and in Supplement No. 1 thereto dated September 29, 2000. Holders of
Notes can obtain copies of the Solicitation Statement, Supplement No. 1 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 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,
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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, 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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