US confectionery Hershey has secured a credit facility to borrow up to US$300m.
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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.
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By GlobalDataCharges 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.
