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WHEELING-PITTSBURGH CORPORATION TO REVISE TERMS OF CONSENT SOLICITATION REGARDING 12-1/4 FIRST MORTGAGE NOTES DUE 2000

 WHEELING, W.Va., Aug. 4 /PRNewswire/ -- Wheeling-Pittsburgh Corporation (NYSE: WHX) today announced that it has agreed to revise certain terms of its consent solicitation regarding its 12-1/4 First Mortgage Notes due 2000 (the "Notes").
 First, it is increasing the payment to noteholders who consent timely to the proposed indenture amendments contained in the Solicitation Statement dated July 21, 1993. The new payment to noteholders will be $22.50 (increased from $15.00) per $1,000 principal amount of notes for which a consent is accepted. Second, the company has agreed to revise the proposed amendment to Section 4.10 of the indenture relating to the incurrence of funded indebtedness. The company is now proposing to increase the minimum consolidated interest coverage ratio required before the company may incur funded indebtedness to 2.00:1 for fiscal 1993 and for fiscal 1994 and thereafter (increased from 1.50:1 and 1.75:1, respectively, as initially proposed to be amended). Lastly, the company has agreed to retain Section 4.15 of the indenture providing for the maintenance of a consolidated interest coverage ratio, but with a minimum required ratio of 1.25:1 for any two consecutive quarters occurring during any fiscal year. The other terms and conditions of the consent solicitation, as described in the Solicitation Statement, remain in full force and effect.
 The expiration date of the consent solicitation continues to be 5 p.m., New York City time, on Thursday, Aug. 5, 1993. Citicorp Securities, Inc., is acting as financial advisor to the company and DRX Distribution Management, Inc. is acting as information agent in connection with the consent solicitation.
 -0- 8/4/93
 /CONTACT: Gregg Warren of Wheeling-Pittsburgh Corporation, 304-234-2440/
 (WHX)


CO: Wheeling-Pittsburgh Corporation ST: West Virginia IN: MNG SU:

CD-KC -- PG008 -- 9464 08/04/93 15:01 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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