Document/ExhibitDescriptionPagesSize 1: 8-K Form 8-K Dated April 26, 2023 HTML 42K
2: EX-10.1 Exhibit 10.1 - Five Year Credit Agreement Dated as HTML 851K
of April 26, 2023
6: R1 Document and Entity Information HTML 45K
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(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, one dollar par value
iHSY
iNew
York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 1.01.
Entry Into
a Material Definitive Agreement.
On April 26, 2023, The Hershey Company (the “Company”) entered into a new Five Year Credit Agreement (the “Credit Agreement”), dated as of April 26, 2023, with the banks, financial institutions and other institutional lenders listed on the signature pages thereof and the other lenders from time to time party thereto (the “Lenders”), Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A. and Citibank, N.A., as syndication agents, Royal Bank of Canada, as documentation agent, and BofA Securities, Inc., JPMorgan Chase Bank, N.A., Citibank, N.A., RBC Capital Markets and U.S. Bank National Association, as joint lead arrangers and joint book managers. The Credit Agreement establishes an unsecured revolving
credit facility under which the Company may borrow up to $1.35 billion with the option to increase borrowings by an additional $500 million with the concurrence of the Lenders. Funds borrowed may be used for general corporate and other purposes as specified in the Credit Agreement. Advances may be repaid without penalty at any time prior to the last day of the Credit Agreement.
The Credit Agreement contains a financial covenant whereby the ratio of (a) pre-tax income from continuing operations for the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 as of the end of each fiscal quarter. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. Payment
of outstanding advances, all interest thereon and all other amounts payable under the Credit Agreement may be accelerated and the obligation of each Lender to make advances under the Credit Agreement may be terminated, in each case at the option of the Lenders holding a majority of the commitments, should the Company default in its obligations under the Credit Agreement. The Company may extend the Termination Date of the Credit Agreement for up to two additional one-year periods upon notice given by the Company to the administrative agent.
Also on April 26, 2023, the
Company terminated the existing Five Year Credit Agreement, dated as of July 2, 2019, among the Company, the banks, financial institutions and other institutional lenders listed on the signature pages thereof and the other lenders from time to time party thereto, Bank of America, N.A., as administrative agent, JPMorgan Chase Bank, N.A., Citibank, N.A. and PNC Bank, National Association, as syndication agents, Royal Bank of Canada, as documentation agent, and BofA Securities, Inc., J.P. Morgan Chase Bank, N.A., Citibank, N.A., PNC Capital Markets LLC and RBC Capital Markets, as joint lead arrangers and joint book managers (the “Prior Facility”).
The foregoing is not a complete description of either the Credit Agreement or the Prior Facility and is subject
to, and qualified in its entirety by, the full text of each of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8‑K and is incorporated herein by reference, and the Prior Facility, a copy of which is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 2, 2019 and is incorporated herein by reference.
In the ordinary course of their respective businesses, Bank of America, N.A., JPMorgan Chase Bank, N.A., Citibank, N.A., Royal Bank of Canada
and U.S. Bank National Association, and each of their respective affiliates, have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with the Company and its affiliates for which they have in the past received, and may in the future receive, customary fees.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
