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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): JUNE 9, 1999
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.)
5300 MEMORIAL, SUITE 900
HOUSTON, TEXAS 77007
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 869-8693
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ITEM 5. OTHER EVENTS
The Company completed its $5.2 million sale-leaseback transaction related
to its Mexican manufacturing facility. The related documents were executed on
May 28, 1999 and June 2, 1999.
Additionally, in two separate transactions which closed on May 3, 1999 and
May 6, 1999, the Company has obtained approximately $2.8 million in Malaysian
trade financing, of which approximately $1.3 million has been transferred to the
United States to provide working capital. The Company has also obtained a
commitment from a Malaysian financial institution for a line of credit of
approximately $1.3 million. This facility should be in place within the next
sixty days. This latest facility is denominated in the local currency, as are
the two lines of credit already obtained in May 1999, the effect of which is to
serve as a self-hedge for the Company against potential foreign currency
exposure in Malaysia.
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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: JUNE 9, 1999 By: /s/ WALTER V. KLEMP
Walter V. Klemp
Chairman of the Board and
Chief Executive Officer
