Hershey enters short-term credit agreement

by FoodBusinessNews.net Staff
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HERSHEY, PA. — The Hershey Co. has entered into a short-term credit agreement that establishes an unsecured revolving credit facility to borrow up to $300 million.

These funds may be used for general corporate purposes, and the agreement will expire on Aug. 22, 2008.

Last December, the company entered a five-year credit agreement establishing an unsecured revolving credit facility to borrow up to $1.1 billion. However, as a result of seasonal working capital needs, share repurchases and other business expenses, the company anticipates short-term borrowing to exceed $1.1 billion during the next year.

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