Hain Celestial extends waiver until February with Bank of America

By Susanna Moon

Chicago, Dec. 20 – Hain Celestial Group, Inc. secured a lender waiver until Feb. 27 under its credit facility with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Hain entered into a second limited waiver and extension to the amended credit agreement dated Dec. 12, 2014. Bank of America Merrill Lynch International Ltd. is the global swingline lender; Wells Fargo Bank, NA is the syndication agent; JPMorgan Chase Bank, NA, Citizens Bank, NA and Farm Credit East, ACA are the documentation agents.

As announced Sept. 26, Hain had received a waiver and extension until Dec. 27 to deliver its fiscal year 2016 financial statements and, if necessary, its first-quarter financial statements for fiscal year 2017.

The waiver allows the company to be compliant with its borrowing obligations while it works to complete the filing of its annual report on form 10-K for its fiscal year ended June 30, according to a previous release.

The $1 billion revolving credit facility is set to mature in December 2019 and may be increased by another $350 million.

As of June 30, there was $828 million of debt under the credit agreement, including borrowings used to redeem $150 million of senior notes and for the $114 million acquisition of Orchard House Foods in December 2015.

Hain Celestial is a Lake Success, N.Y.-based organic and natural products company.

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