SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: April 7, 1998
(Date of the earliest event reported)
Home Products International, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-17237 36-4147027
(State or other jurisdiction of (Commission I.R.S.Employer
Incorporation or organization) File Number) Identification No.
4501 West 47th Street, Chicago, IL 60632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 890-1010
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ITEM 5. OTHER EVENTS
On March 31, 1998, Home Products International, Inc., announced in
a press release that it is preparing to offer a $125.0 million, 10 year,
fixed-rate senior subordinated debt issue. The press release is
included within this Form 8-K as Exhibit No 1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
c) Exhibits
EXHIBIT NO. EXHIBIT
1 Press release dates March 31, 1998.
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
HOME PRODUCTS INTERNATIONAL, INC.
BY: /s/ James R. Tennant
James R. Tennant
Chairman & CEO
Dated: April 7, 1998
<PAGE>
EXHIBIT 1
HOME PRODUCTS INTERNATIONAL, INC.
PREPARING PRIVATE OFFERING OF $125 MILLION BOND ISSUE
CHICAGO, MARCH 31, 1998 "Home Products International, Inc. (Nasdaq:
HPII), a leading consolidator in the housewares industry, today
announced that it is preparing to offer a $125 million, 10-year, fixed-
rate senior subordinated debt issue. The bonds to be offered will not
be registered under the Securities Act of 1933 ("Act") and may not be
offered or sold absent registration or an applicable exemption from
registration requirements. The bonds will be sold in a Rule 144A
private placement to institutional investors. The proceeds of the
offering will be used to retire existing debt and to aid the company in
its plans of selective strategic acquisitions.
"We're very excited about the opportunity to arrange this debt
placement," stated James Tennant, Home Products International's chairman
and chief executive officer. "The purpose of this debt issue is to
provide HPII the financial flexibility and resources necessary to
continue its plans of making strategic acquisitions in an effort to
consolidate segments of the housewares industry."
Home Products International, Inc. is listed on the Nasdaq National
Market System, under the ticker symbol HPII. The company is an
international consumer products company specializing in the manufacture
and marketing of quality diversified housewares and home improvement
products sold through virtually all domestic and international retail
trade channels.
Some of the statements made in this release are forward-looking and
concern the company's future growth, product development, markets and
competitive position. While management will make its best efforts to be
accurate in making these forward-looking statements, any such statements
are subject to risks and uncertainties that could cause HPII's actual
results to vary materially. These risks include market risks such as
increased competition for both the company and its end users and changes
in retail distribution channels; economic risks such as downward changes
in housing starts and remodeling expenditures; and financial risks such
as fluctuations in the price of raw materials, future liquidity and
access to debt and equity markets. Should one or more of these risks or
uncertainties materialize, actual results may vary materially from those
anticipated, expected or projected. The company undertakes no
obligation to update any such factors or to announce the results of any
revision to any of the forward-looking statements contained herein to
reflect future events or developments.
