Hain Celestial Garners Lender Limited Waiver and Extension of Credit Facility
The Hain Celestial Group reported 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.
According to a release, 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. 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," noted 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, 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.
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THE DAILY VIEW
Papyrus Joins Forces with Designer Lela Rose
Papyrus is looking to bring the “elegance and style” of fashion to its greeting cards via a new designer collaboration series.
According to a release, the collaboration marks the first time a fashion design house and greeting card brand have joined forces to develop a custom greeting card collection.
Papyrus said it is partnering with American fashion designer Lela Rose to introduce the series. Rose will feature her "sophisticated yet modern style" in the debut card and gift collection, slated to launch during New York Fashion Week. The collection will be available in New York City Papyrus stores and select retailers in September, with availability expanding to all Papyrus locations and retailers in October.
"The fashion designer collaboration series is a celebration of the commitment Papyrus has to the arts, including a focus on the fashion industry, quality craftsmanship and trend-forward design," said Christy Kaprosy, President of Papyrus-Recycled Greetings. "We are delighted to have Lela Rose's elegant line lead the first Papyrus fashion designer collaboration program, and we are excited to bring more fashion designers to our loyal customers in the future."
The company noted the collection, which draws inspiration from some of Rose's recent runway designs, consists of 16 cards and five gift accessories, including gift bags, gift tissue, roll wrap and a gift tag set. It also will be available online at papyrusonline.com
"I'm thrilled to be the first designer to collaborate with Papyrus on their exclusive new fashion series," said Lela Rose. "This is a unique way to showcase our designs, silhouettes and prints, and extend the brand into a new category."
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