EXHIBIT 99.1
FOR IMMEDIATE RELEASE
SL INDUSTRIES, INC. ANNOUNCES SIGNING OF COMMITMENT
LETTERS TO REFINANCE ITS CREDIT FACILITY
MT. LAUREL, N.J., October 15, 2002 - SL INDUSTRIES, INC. (NYSE and
PHLX:SL) announced today that it signed a commitment letter with LaSalle
Business Credit, Inc., as Agent for Standard Federal National Association, to
refinance its existing credit facility. The anticipated closing date for the new
credit facility with LaSalle Business Credit is on or prior to October 31, 2002.
In connection with the refinancing of SL Industries' existing credit facility,
the Company has also signed a commitment letter with Steel Partners II, L.P., an
entity controlled by Warren Lichtenstein, SL Industries' Chairman and Chief
Executive Officer. This commitment letter provides for Steel Partners to make a
subordinated loan in the amount of $5 million to the Company on or immediately
prior to the closing of the credit facility with LaSalle Business Credit,
subject to the conditions contained therein.
Warren Lichtenstein, Chairman of the Board and Chief Executive
Officer, commented, "As with many other borrowers at the present time, the
Company has faced extremely restrictive credit markets in seeking to refinance
its credit facility. In addition, the Company has had difficulty obtaining
sufficient financing to refinance its existing credit facility and provide
adequate working capital, because a significant portion of its assets are
located outside the United States and cannot be included as collateral in its
borrowing base under the LaSalle Credit Facility. Without the $5 million
subordinated loan from Steel Partners, the Company would not be able to
refinance its existing credit facility on or prior to October 31, 2002, which is
the deadline to avoid paying a $780,000 fee."
ABOUT SL INDUSTRIES
SL Industries, Inc. designs, manufactures and markets Power and Data
Quality (PDQ) equipment and systems for industrial, medical, aerospace,
telecommunications and consumer applications. For more information about SL
Industries, Inc. and its products, please visit the Company's web site at
www.slpdq.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on current expectations, estimates and
projections about the Company's business based, in part, on assumptions made by
management. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements due to numerous
factors, including those described above and the following: the effectiveness of
the cost reduction initiatives undertaken by the Company, changes in demand for
the Company's products, product mix, the timing of customer orders and
deliveries, the impact of competitive products and pricing, constraints on
supplies of critical components, excess or shortage of production capacity,
difficulties encountered in the integration of acquired businesses and other
risks discussed from time to time in the Company's Securities and Exchange
Commission filings and reports. In addition, such statements could be affected
by general industry and market conditions and growth rates, and general domestic
and international economic conditions. Such forward-looking statements speak
only as of the date on which they are made, and the Company does not undertake
any obligation to update any forward-looking statement to reflect events or
circumstances after the date of this release.
Contact:
SL Industries, Inc.
David R. Nuzzo, 856/222-5515
