The Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading organic and natural products company, recently announced it has received a waiver and extension of certain obligations under its unsecured credit facility from its lenders until May 30, 2017.
This relates to the delivery of certain financial information under the credit facility including the Company's audited financial statements for its fiscal year 2016 as well as the financial statements for the first and second quarters of fiscal year 2017. This will allow the Company to be compliant with its reporting obligations while it works to complete the filing of its Annual Report on Form 10-K for its fiscal year ended June 30, 2016, as well as its Quarterly Reports on Form 10-Q for the periods ended Sept. 30 and Dec. 31.
"We are pleased to continue to receive the support of our bank group led by Bank of America Merrill Lynch and Wells Fargo in securing this waiver and extension as we move toward a conclusion in our reporting process," commented Irwin D. Simon, Founder, President and Chief Executive Officer of Hain Celestial. "We appreciate the continued confidence of the bank group in the Company, as we have a solid financial platform with operating flexibility including working and acquisition capital to support our strategic growth initiatives."
As of Dec. 31, there was $790 million in borrowings under the credit facility, and the Company had $157 million in cash from its worldwide operations.
With operations in North America, Europe and India, Hain Celestial is committed to providing consumers with “A Healthier Way of Life.”
