LAKE SUCCESS, N.Y., Sept. 26, 2016 /PRNewswire/ -- The
Hain Celestial Group, Inc. (Nasdaq: HAIN), a leading organic and natural products company with operations in North America, Europe and India providing
consumers with A Healthier Way of Life™, today announced it has received a limited waiver and extension of certain obligation
under its unsecured credit facility from its lenders regarding the delivery of its fiscal year 2016 financial statements and, if
necessary, its first quarter fiscal year 2017 financial statements until December 27, 2016.
This will allow Hain Celestial to be compliant with its borrowing obligations while the Company works to complete the filing of
its Annual Report on Form 10-K for its fiscal year ended June 30, 2016. The unsecured
$1 billion senior credit facility is scheduled to mature in December
2019 and may be increased by an additional $350 million provided certain conditions are
met.
"We are pleased to receive the support of our bank group led by Bank of America Merrill Lynch and Wells Fargo in securing this
waiver and extension," commented Irwin D. Simon, Founder, President and Chief Executive Officer of
Hain Celestial. "Our lenders allow us to maintain the operating flexibility for a solid financial platform with working
capital and acquisition capital to support our strategic growth initiatives."
As of June 30, 2016, there were $828 million in borrowings under
the credit agreement, which included the Company utilizing its revolving credit facility to redeem its $150 million of senior notes as well as the $114 million acquisition of Orchard
House Foods in December, 2015. The $828 million compares to $660
million of revolving credit and $150 million in senior notes in the prior year period. The
Company had $128 million in cash from its worldwide operations at June
30, 2016.
The Hain Celestial Group, Inc.
The Hain Celestial Group (Nasdaq: HAIN), headquartered in Lake Success, NY, is a leading
organic and natural products company with operations in North America, Europe and India. Hain Celestial participates in many natural categories with well-known brands that
include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®,
Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's Organic Bakery®, Hain Pure Foods®, Spectrum®, Spectrum
Essentials®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, BluePrint®, FreeBird®, Plainville
Farms®, Empire®, Kosher Valley®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New
Covent Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®, Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®, Danival®, Happy®, Joya®, Natumi®, GG UniqueFiber®, Tilda®, JASON®,
Avalon Organics®, Alba Botanica®, Live Clean® and Queen Helene®. Hain Celestial has been providing A Healthier Way of Life™
since 1993. For more information, visit www.hain.com.
Safe Harbor Statement
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are predictions based on expectations and projections about
future events, and are not statements of historical fact. You can identify forward-looking statements by the use of
forward-looking terminology such as "plan", "continue", "expect", "anticipate", "intend", "predict", "project", "estimate",
"likely", "believe", "might", "seek", "may", "remain", "potential", "can", "should", "could", "future" and similar expressions,
or the negative of those expressions. These forward-looking statements include the Company's beliefs or expectations relating to
the Company's expectations relating to the filing of the Form 10-K, the expected timing of its earnings release and conference
call and the results of the ongoing review. Such forward-looking statements involve known and unknown risks, uncertainties, and
other factors which may cause the actual results to be materially different from any future results expressed or implied by such
forward-looking statements. Such factors include a material delay in the Company's financial reporting, the possibility that one
or more material weaknesses in the Company's internal control over financial reporting may be identified in connection with the
ongoing review, the possibility that the ongoing review may identify errors, which may be material, in the Company's revenue
recognition accounting, whether investors should no longer rely upon previously issued financial statements, and the risk that
the Company may need to restate its financial statements. As a result of the foregoing and other factors, no assurance can be
given as to the future results, levels of activity and achievements of the Company, and neither the Company nor any person
assumes responsibility for the accuracy and completeness of these statements.
Logo - http://photos.prnewswire.com/prnh/20130502/NY06743LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hain-celestial-receives-lender-limited-waiver-and-extension-of-credit-facility-300334195.html
SOURCE The Hain Celestial Group, Inc.