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UNITED STATES
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 (Date of earliest event reported): May 22, 1997
DRYPERS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-23422 76-0344044
(State of Incorporation) (Commission File No.) (IRS Employer
Identification No.)
1415 WEST LOOP SOUTH
HOUSTON, TEXAS 77055
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 682-6848
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ITEM 5. OTHER EVENTS
On May 22, 1997, Drypers Corporation (the "Company") announced its
intention to make a private offering of $100,000,000 in aggregate principal
amount of Senior Notes due 2007. Pursuant to Rule 135c(d) promulgated under the
Securities Act of 1933, as amended, the press release issued in connection with
the announcement is filed with this Current Report on Form 8-K as Exhibit 99.1
and is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
The following document is filed as an exhibit to this report in
accordance with Item 601 of Regulation S-K.
99.1 Press Release dated May 22, 1997.
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SIGNATURES
Pursuant to the requirements 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.
DRYPERS CORPORATION
Dated: May 23, 1997 By: /s/ WALTER V. KLEMP
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Walter V. Klemp
Chairman of the Board and
Co-Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NUMBER DOCUMENT PAGE NUMBER
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99.1 Press Release dated May 22, 1997 5
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EXHIBIT 99.1
NEWS RELEASE
FOR: Drypers Corporation
APPROVED BY: Walter V. Klemp
Chairman & Co-Chief
Executive Officer
(713) 682-6848
FOR IMMEDIATE RELEASE
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CONTACT: Howard Zar/Shannon Moody
Press: Michael McMullan
Morgen-Walke Associates
(212) 850-5600
DRYPERS CORPORATION ANNOUNCES
INTENTION TO MAKE $100,000,000
PRIVATE DEBT OFFERING
HOUSTON, TEXAS, May 22, 1997 -- Drypers Corporation (Nasdaq: DYPR) today
announced that it intends to make a private offering of $100,000,000 in
aggregate principal amount of Senior Notes due 2007. The sale of the Notes is
expected to be completed during the latter part of June, 1997. The net proceeds
from the private offering will be used, among other things, to repurchase the
Company's 12.5% Series B Senior Notes due November 1, 2002 pursuant to a tender
offer and consent solicitation and to repay certain indebtedness and other
obligations and for general corporate purposes.
Drypers Corporation manufactures and markets disposable baby diapers and
related products under the Drypers(R) and other brand names. The Company's
products are sold through grocery stores and mass merchants throughout the
United States, Latin America and other international markets. The Company also
produces other branded and private label diapers and related products.
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This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, the Notes
referenced above in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The Notes will not be registered under the
Securities Act of 1933 and, unless so registered, any not be offered or sold
except pursuant to an exemption from or in a transaction not subject to the
registration requirements of the Securities Act and any applicable state
securities laws.
