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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): MARCH 25, 1998
DRYPERS CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE 0-23422 76-0344044
(State of Incorporation) (Commission File No.) (IRS Employer Identification No.)
5300 MEMORIAL, SUITE 900
HOUSTON, TEXAS 77007
(Address of principal executive offices) (Zip Code)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 869-8693
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ITEM 5. OTHER EVENTS
On March 18, 1998, Drypers Corporation ("the Company") announced the
closing of its private sale of $30 million aggregate principal amount of 10 1/4%
Senior Notes due 2007 (the "10 1/4% Notes"). The 10 1/4% Notes were sold at
103.625% of par. The proceeds of this offering will be used to repay certain
indebtedness, finance capital expenditures, and for general corporate purposes.
The 10 1/4% Notes have not been registered under the Securities Act of 1933, as
amended, and may not be offered and sold in the United States absent
registration under such Act or an applicable exemption from registration.
A copy of the Company's press release dated March 18, 1998, which describes
the foregoing is filed as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference thereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) 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 of Drypers Corporation dated March 18, 1998.
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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: March 25, 1998 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 99.1
FOR: Drypers Corporation
APPROVED BY: Walter V. Klemp
Chairman & Co-Chief
Executive Officer
(713) 869-8693
CONTACT: Shannon Moody
Morgen-Walke Associates
(212) 850-5600
DRYPERS CORPORATION ANNOUNCES COMPLETION OF FINANCING
HOUSTON, TEXAS, March 18, 1998 -- Drypers Corporation (Nasdaq: DYPR)
announced the closing of its private sale of $30 million aggregate principal
amount of 10 1/4% Senior Notes due 2007 (the "10 1/4% Notes"). The 10 1/4%
Notes were sold at 103.625% of par. The proceeds of this offering will be used
to repay certain indebtedness, finance capital expenditures, and for general
corporate purposes. The 10 1/4% Notes have not been registered under the
Securities Act of 1933, as amended, and may not be offered and sold in the
United States absent registration under such Act or an applicable exemption from
registration.
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.
* * * * * * * * *
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the 10 1/4% Notes nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state.
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