Bank of China contributes to a £400 million GBP syndicated revolving credit facility to Britvic for general corporate purposes

Project narrative

On September 30, 2021, a syndicate of seven banks — including the London Branch of the Bank of China (BOC) — entered into a £400 million GBP syndicated multi-currency revolving credit facility (RCF) agreement with Britvic plc — an England and Wales-incorporated British producer of soft drinks based in Hemel Hempstead, England and listed on the London Stock Exchange — and Britvic Soft Drinks Limited — England and Wales-incorporated wholly-owned subsidiary of Britannia Soft Drinks Limited, a wholly-owned subsidiary of Britvic plc — for general corporate purposes. This RCF carried a maturity period of approximately 5.416 years and a final maturity date of February 12, 2027; £33.3 million GBP would terminate on February 12, 2025, while the remaining £366.7 million GBP would terminate on the final maturity date. This was an amendment and restatement of a previous loan. The RCF was available for draw down in British pound sterling, euros, U.S. dollars, or other currencies approved by the lenders. This RCF was unsecured but guaranteed by Britvic plc and Britvic Soft Drinks Limited. The RCF featured a negative pledge over the borrower's ability to create security, subject to carve-outs. It included financial covenants measured taken at the end of each financial and half-financial year of Britvic of the its ratio of consolidated EBITDA to consolidated net interest payable and the ratio of consolidated net borrowings to consolidated EBITDA. It was governed by English law. The proceeds were to be used by the borrowers for general corporate purposes. In addition to BOC, the following lenders contributed to the loan syndicate: the London Branch of Banco Santander S.A., BNP Paribas S.A., Coöperatieve Rabobank U.A. trading as Rabobank London, the London Branch of ING Bank N.V., the London Branch of Crédit Industriel et Commercial (CIC), and HSBC UK Bank plc. All lenders served as mandated lead arrangers. Rabobank served as agent.