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Hershey to Tap Revolver

TSC and IRIS Staff

Hershey(HSY - Cramer's Take - Stockpickr) entered a new short-term credit agreement to establish an unsecured revolving credit facility. Under the agreement the company will borrow up to $400 million, for general corporate purposes. The agreement will expire on Sept. 15.

Hershey has a $900 million revolver, but the company expects short- term borrowings to exceed $900 million during the March-September period, due to seasonal working capital needs, share repurchases and other business activities.