The Fortenova Group, the successor to the Agrokor conglomerate, said on Friday that over 80 percent of holders of depositary receipts had voted in favour of new financing led by the US investment fund HPS Investment Partners.

At a general shareholders’ meeting in Amsterdam today, over 80 percent of holders of depositary receipts of Fortenova Group STAK Stichting voted in favour of a new financing arrangement for the Fortenova Group to refinance the Super-Priority Term Facilities Agreement of 8 June 2017, the group said in a press release.

New financing is structured as a four-year bond of up to €1.2 billion with an interest rate of 7.3 percent, plus EURIBOR with a floor of 1 percent, and is led by HPS Investment Partners. The refinancing process is expected to be completed by the end of August.

The result of the vote shows that a large majority of our shareholders recognised the importance of new financing for the Fortenova Group in terms of ensuring the company’s medium-term financial stability and long-term sustainability, growth and development, Fortenova CEO Fabris Perusko said.

He said that after the completion of the transaction, the group’s focus would be on increasing profitability and creating added value for all stakeholders.