Verilink gets extension on maturity of $2.88 million in convertible notes

By Sheri Kasprzak

New York, Feb. 7 - Verilink Corp. said it has received an extension on $2.88 million in convertible notes.

The maturity of the senior secured convertible notes will now mature the earlier of Feb. 6, 2009 or the one-year anniversary of the 15th day following the full payment, conversion or redemption of the notes. The notes had been due on Feb. 5, 2006.

The interest rate has also been increased to 10% from 7%.

XEL Communications, Inc. is the holder of the notes. XEL bought $10 million in principal of the notes on Feb. 5, 2004.

Based in Centennial, Colo., Verilink develops broadband communications products.

The company's stock lost $0.0601 to close at $0.9299 Tuesday.

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