Campbell Soup sees spike in demand, borrowed $300 million from revolving credit facility

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Campbell Soup Co. CPB, +1.90% said Monday that it has seen a spike in demand for its snacks and meals & beverages items in the wake of the COVID-19 outbreak. Expenses for the soup company have increased in areas like transportation, employee compensation and coronavirus-related health screenings and sanitizing measures. But the company says it is benefiting overall. Campbell Soup borrowed $300 million from its revolving credit facility, which matures on December 9 with an interest rate of 2.34%. As of March 22, the company had $1.15 billion of commercial paper borrowings. Campbell Soup stock has gained 27.8% over the last 12 months while the S&P 500 index SPX, -1.78% is down 1.1%.

Originally Published on MarketWatch

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