EXHIBIT 99.1
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CONTACT: Robert K. Hynes (212) 355-5200
RELEASE DATE: APRIL 2, 2004
FOR IMMEDIATE RELEASE
WHX ANNOUNCES COMPLETION OF REFINANCING TRANSACTION
NEW YORK, N.Y. - APRIL 2, 2004 - WHX CORPORATION (NYSE: WHX) announced today
that the Company's wholly-owned subsidiary, Handy & Harman, successfully entered
into new financing arrangements with each of Congress Financial Corporation
("Congress"), as agent, and Ableco Finance LLC ("Ableco"), as agent, with
aggregate commitments of $163.15 million. Congress' facility consisted of a
revolving credit facility of up to $70 million and a term loan of $22.15
million. Ableco's facility consisted of a Tranche B term loan of $71 million. In
connection with the transaction, WHX also made a subordinated loan to Handy &
Harman in the amount of $43.5 million. The proceeds of the loans from Congress,
Ableco and WHX were primarily used to refinance Handy & Harman's previous credit
facility with Citibank, N.A., and for working capital purposes.
WHX is a holding company that has been structured to invest in and/or manage a
diverse group of businesses. WHX's primary business is Handy & Harman, a
diversified manufacturing company with activities in precious metals
fabrication, specialty wire and tubing and engineered materials.
Forward-Looking Statements
THIS PRESS RELEASE CONTAINS 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, INCLUDING WITHOUT
LIMITATION, GENERAL ECONOMIC CONDITIONS, THE ABILITY OF THE COMPANY TO MARKET
AND SELL ITS PRODUCTS, AND THE EFFECTS OF COMPETITION AND PRICING. ALTHOUGH THE
COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS
ARE REASONABLE, ANY OF THE ASSUMPTIONS COULD BE INACCURATE, AND THEREFORE, THERE
CANNOT BE ASSURANCE THAT ANY FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESS
RELEASE WILL PROVE TO BE ACCURATE. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES
INHERENT IN ANY FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF
SUCH INFORMATION SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE COMPANY OR
ANY OTHER PERSON THAT THE OBJECTIVES AND PLANS OF THE COMPANY WILL BE ACHIEVED.
