ZURICH, SWITZERLAND — Aryzta A.G. on Sept. 11 announced it has entered into a standby volume underwriting agreement in connection to its planned €800 million ($930 million) stock sale. Additionally, Aryzta said its lenders have agreed to amend the company’s existing facilities agreement to provide “additional flexibility to pursue its new business strategy and implement a share capital increase as part of its deleveraging plan.”

The board of directors of Aryzta AG first announced plans to raise the capital in mid-August, which came on the heels of the company’s recent review of its capital structure. Proceeds from the capital increase are expected to be used mainly for debt reduction, the company said.

In a separate announcement, Aryzta proposed three new independent directors for its board, including Michael Andres, a former president of the U.S. business of McDonald’s Corp.

Along with Mr. Andres, Aryzta has proposed Gregory Flack, executive chairman of Green Chile Foods Co. and past c.e.o. of Schwan Food Co., and Tim Lodge, who recently retired as chief financial officer of Cofco International. Earlier in his career Mr. Lodge was c.f.o. at Tate & Lyle.

“We are pleased to announce the nomination of three new directors to the Aryzta board of the caliber of Michael Andres, Gregory Flack and Tim Lodge,” said Gary McGann, chairman of Aryzta. “Each brings significant and diverse industry experience, which will be invaluable to the board as we deliver on what is a multi-year turnaround.”