Fortenova Group closes roll-up loan refinancing by issuing €1.157bn bond

"The new financing is structured as a four-year bond of €1.157 billion at 7.3% interest plus EURIBOR, with a 1% floor, and is led by HPS Investment Partners in cooperation with VTB bank," Fortenova said in a statement.

It said that under the refinancing agreement the interest rate will be successively lowered as the group reduces its leverage ratio.