The Fortenova Group, the successor to the Agrokor food and retail conglomerate, issued a €1.157 billion bond on Friday, closing the process of refinancing the Super-Priority Facility Agreement of 8 June 2017.

“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.