EXHIBIT 99.1
CONTACT: Robert K. Hynes (212) 355-5200
RELEASE DATE: NOVEMBER 3, 2004
FOR IMMEDIATE RELEASE
WHX ANNOUNCES ASSIGNMENT OF TERM LOAN AND
REDUCTION OF INTEREST RATE
NEW YORK, N.Y. - NOVEMBER 3, 2004 - WHX Corporation (NYSE: WHX) announced
today that the Company's wholly-owned subsidiary, Handy & Harman, successfully
completed the assignment of its $71,000,000 Tranche B term loan from Ableco
Finance LLC ("Ableco"), as agent, and the existing lenders thereto, to
Canpartners Investments IV, LLC ("Canpartners"), an entity afiliated with Canyon
Capital Advisors LLC, as agent and lender. Substantially all of the terms and
conditions of the term loan continue without amendment, with the principal
exception that the interest rate for the loan has been reduced by 4.0% per
annum, effective October 29, 2004. In addition, of the $5 million cash
collateral which WHX had deposited with Ableco at the time of the original loan
as collateral for the Handy & Harman obligation, approximately $3.9 million, the
remaining outstanding amount, has been returned to WHX (approximately $1.1
million had previously been returned during the third quarter of 2004). In
addition to the Tranche B term loan, Handy & Harman remains a party to its
revolving credit facility of up to $62.9 million and a term loan of $22.15
million, both of which are agented by Congress Financial Corporation.
WHX is a holding company that has been structured to invest in and 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.
