Exhibit 99.1
FOR IMMEDIATE RELEASE
WHX CORPORATION COMMENCES CONSENT SOLICITATION FOR
10 1/2% SENIOR NOTES DUE 2005
New York, September 18, 2000 - WHX Corporation (NYSE: WHX) today announced that
it is soliciting consents from holders of its 10 1/2% Senior Notes due 2005 (the
"Notes") to amendments of certain covenants and other provisions of the
indenture governing the Notes. The consent solicitation will expire at 5:00 p.m.
New York City time on September 28, 2000, unless extended by WHX prior to such
date.
WHX will make a payment equal to 1% of the principal amount of the Notes ($10 in
cash for each $1,000 principal amount of Notes) to each holder of Notes whose
consent is received and accepted prior to the expiration date. The record date
of the consent solicitation is the expiration date. WHX will pay this fee
promptly after the execution of a supplemental indenture effecting the
amendments and the expiration of the consent solicitation.
The primary purpose of the consent solicitation is to permit WHX to amend
certain covenants and other provisions of the indenture governing the Notes in
order to provide WHX with greater flexibility to respond to continued
deterioration in its integrated steel subsidiary, Wheeling-Pittsburgh
Corporation ("WPC"). These amendments include, without limitation, amending
certain covenants and other provisions to remove WPC and all of its direct and
indirect subsidiaries from the restrictions and/or limitations imposed by such
covenants and other provisions.
The detailed terms and conditions of the consent solicitation are contained in
the consent solicitation statement dated September 18, 2000. Holders of Notes
can obtain copies of this statement 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 transaction. 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 business 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 Wheeling-Pittsburgh
Steel Corporation, 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.
# # #
Contact: Niron Stabinsky
Donaldson, Lufkin & Jenrette
(310) 282-7495
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