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WAXMAN INDUSTRIES COMMENCES CONSENT SOLICITATIONS

 BEDFORD HEIGHTS, Ohio, Nov. 5 /PRNewswire/ -- Waxman Industries, Inc. (NYSE: WAX), a leading supplier to the home repair and remodeling market throughout the United States and Canada, today announced that it has commenced a solicitation of consents from the holders of its Senior Secured Notes and Senior Subordinated Notes. The company is soliciting the consent of the holders to waivers and amendments of certain provisions of the indentures governing those securities. The effect of the consent will be to cure an existing default under the Senior Secured Notes and to amend certain covenants in both the Senior Secured Notes and the Senior Subordinated Notes. The amendments will modify, among other things, certain financial covenants to reflect the company's current financial position so that future compliance with the covenants will not be negatively impacted by the company's fiscal 1993 operating results.
 Effectiveness of each of the waivers and the amendments requires the consent of holders of at least 66-2/3 percent of the outstanding principal amount of the securities. Each of the solicitations will expire at 5 p.m., New York City time, on Nov. 10, 1993, unless extended by the company. The record date for holders entitled to consent to the waivers and the amendments is Nov. 3, 1993.
 Waxman Industries, Inc. is a leading supplier to the home repair and remodeling market in the United States and Canada. In the U.S., the company's plumbing, electrical and hardware products are sold primarily to home improvement centers, warehouse home centers, mass merchandi hardware stores, lumber yards and, through its mail order and telemarketing operations, to approximately 45,000 independent retailers, repair and remodeling contractors, property managers and locksmiths. The company assembles, packages and markets many of these products under its proprietary trade names. In Canada, the company is one of the largest suppliers of plumbing and heating products, serving approximately 10,000 customers across Canada, including repair and remodeling contractors, residential and commercial contractors and retailers.
 This press release shall not constitute the solicitation of consents. Such solicitation shall be made only through the consent solicitation statement being delivered h?e record holders of the securities.
 -0- 11/5/93
 /CONTACT: Jerome C. Jacques of Waxman Industries, 216-439-1830/
 (WAX)


CO: Waxman Industries, Inc. ST: Ohio IN: CST HOU SU:

AR -- CL007 -- 1200 11/05/93 11:38 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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