Britvic gets access to €373m in funds after refinancing its bank debt facility

SOFT drinks producer, Britvic — which owns Irish brands Ballygowan, Club, Cidona and Mi-Wadi — has successfully re-financed its bank debt facility, effectively giving the company access to increased funds of £333 million (€373.7m).

The new £283m (e317m) six-bank-backed multi-currency banking facility will mature in May 2012 and will kick-in when the company’s existing £300m (336m) revolving facility matures in May of next year. “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,” commented Britvic’s group finance director John Gibney.

In an Irish context, the company — which acquired the soft drinks arm of C&C for e249.2m in 2007 — is due, next month, to formally unveil Andrew Richards as the new managingdirector of its operations here, taking over from Billy O’Regan.