Britvic Refinances Banking Facility

Fri, 17 Apr 2009

Leading soft drinks manufacturer Britvic has announced that it has secured new banking facilities through to May 2012.

The Chelmsford-based company, whose brands include Robinsons and Tango, has agreed a new six-bank facility worth, on a revolving multicurrency basis, worth £283 million.

The facility, which will mature in May 2012, is slightly smaller than the £300 million loan arrangement that it replaces and which was due to expire in May 2010.

Prior to the commencement of the new facility next May, Britvic will have access to increased committed bank facilities of £333 million.

Commenting on the deal, finance director John Gibney said: "The successful conclusion to the refinancing is a reflection of our strong relationships with our banking partners and the confidence they have in our trading performance and our strong cash generation."

Britvic's committed debt facilities also consist of a long-term £229 million sterling-equivalent US private placement.

Last year, the company reported pre- tax profit of £70 million - up 14 per cent on the previous year - while revenue increased by 29 per cent to £716 million despite the economic recession and poor summer weather.
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