US: Hershey secures credit extension
By just-food.com | 30 August 2007
US confectionery Hershey has secured a credit facility to borrow up to US$300m.
The company said the agreement on the "unsecured revolving credit facility" would expire next August.
The facility comes on top of a five-year agreement - signed last year - that enables Hershey to borrow up to $1.1bn.
"Due to seasonal working capital needs, share repurchases, and other business activities, the company expects short- term borrowings to exceed $1.1bn from time to time during the next 12 months," Hershey said.
Last month, Hershey recorded a sharp drop in net income for the first half of the year due to costs from its global supply chain revamp.
Charges related to the plan, which was announced in February, totalled some $164.8m.
The company also warned of a decline in earnings per share for the full year.
Companies: Hershey
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