Cadbury Schweppes has confirmed it will refinance a large chunk of its $6.1 billion bank facilities after announcing on Friday that its full-year trading is set to show no improvement on the four per cent drop reported in the first half.
At least $1.6 billion is expected to be refinanced by the end of the year with 400 million pounds sterling of bonds already having been issued to European investors.
The firm, which claims to operate in over 200 countries around the world, put its double-digit earning targets on hold this March when it bought US gum maker Adams for $4.2 billion.
With the acquisition of Adams and its brands- Halls, Trident, Dentyne and Bubbas bubblegum range- the group now employs around 55,000 people and is the leading sugar and functional confectionery company.
In a recent statement the company claimed that hot weather was to blame for the dent in European sales of confectionery and for the dip in its shares.
Although hot weather has had some adverse impact on confectionery sales, the US beverage market still remains weak.