Britvic has refinanced a £283m debt facility in a further sign of confidence by the group’s bankers as it capitalises on consumers’ recession-led shift from expensive soft drinks to cheaper fizzy and dilutable beverages.

By the terms of the deal, the company’s covenant level will remain the same at 3.5 times net debt to earnings before interest, tax, depreciation and amortisation, although the spread over Libor on the new loan has more than quadrupled.