In an announcement to the City, the group said 99.72% of bondholders voted in favour of the financial restructure.
The bond for equity deal is part of the company's two-stage financial restructuring plan that also includes a €92.2m rights issue.
In a further bid to slash debts, the company wants to sell IN&M Outdoor, its South African advertising business, in a deal that will raise €98m.
The group said: "IN&M welcomes this essential endorsement of the restructuring and anticipates it will be completed on schedule and prior to the year end."
The overall restructuring will see former chief executive Tony O'Reilly and its second-biggest shareholder Denis O'Brien dilute their shareholdings to around 15% and 14% respectively.
The financial restructuring, which has been opposed by O'Brien, must now be approved at a number of shareholder meetings.
This Friday (November 12), shareholders will vote on whether to approve the issuing of new shares as part of the financial restructure.
As at 30 June, IN&M's debt totalled €1.3bn.
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