The Hershey Company has made a short-term credit agreement for a revolving credit facility to borrow up to US$400m – freeing funds for general corporate purposes.
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The credit agreement, which will expire on 15 September 2006, was filed by the company with the Securities and Exchange Commission today (16 March).
Hershey entered into a five-year credit agreement enabling it to borrow up to $900m in November 2004. The chocolate producer now expects short-term borrowings to exceed this value during the March-September period due to seasonal working capital needs, share repurchases, and other business activities.
