US confectionery Hershey has secured a credit facility to borrow up to US$300m.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
