Link Theory approved to amend ¥13.2 billion 0% convertibles

New York, April 6 - Link Theory Holdings Co., Ltd. said bondholders approved an amendment to its outstanding ¥13.2 billion zero-coupon convertible bonds due 2018 at a meeting on Monday.

As a result, the company has executed a supplemental trust deed including the changes.

Holders of ¥9.36 billion, or 91.67%, of the convertibles supported the proposal.

The amendments allow Link Theory to redeem that at 104% of par between the meeting date and Aug. 31.

Link Theory also noted that its directors decided on March 30 to call the bonds by May 29 if the amendment was passed and as a result it now plans to move ahead with that redemption.

The meeting follows completion of a tender for Link Theory's shares, stock acquisition rights and convertibles by Fast Retailing Co., Ltd.

Fast Retailing had offered to buy the convertibles at 99% of par alongside its bid to buy all the shares it doesn't currently own for ¥170,000 each.

Link Theory also noted that holders have the right to put the bonds at 100% of the principal amount on May 12.

Link Theory is a Tokyo-based based fashion retailer.

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