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WAXMAN INDUSTRIES ANNOUNCES COMPLETION OF CONSENT SOLICITATIONS

 BEDFORD HEIGHTS, Ohio, Nov. 11 /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 successfully completed a solicitation of consents from the holders of its Senior Secured Notes and Senior Subordinated Notes. The company was 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. In addition, the amendments increase by $5 million the amount of senior bank indebtedness the company may incur for working capital purposes and permits the company's Barnett Inc. subsidiary to incur up to $5 million of bank debt. Effectiveness of each of the waivers and the amendments required the consent of holders of at lease 66-2/3 percent of the outstanding principal amount of the securities.
 Commenting on the success of the solicitation, Armond Waxman, president and co-chief executive officer, said "We are pleased by the response of our bondholders to our request for waivers and amendments, and are gratified to have received their support. We believe that eliminating our defaults and amending our indentures are important steps in our continuing efforts to grow our business and improve our profitability."
 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 merchandisers, 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.
 -0- 11/11/93
 /CONTACT: Kim Frost or Connie White of Waxman Industries, 216-439-1830/
 (WAX)


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

BM -- CL011 -- 3118 11/11/93 09:37 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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