Critical Path gets extension on maturity date of $18 million in promissory notes

By Sheri Kasprzak

New York, March 9 - Critical Path, Inc. has obtained an extension on the maturity date of $18 million in unsecured promissory notes issued in December 2004.

The 13.9% notes are now due June 30, 2008, extended from Dec. 30, 2007.

The notes were issued to General Atlantic Partners 74 LP, Campina Enterprises Ltd. and Richmond III LLC on Dec. 29, 2004. The investors in the deal received warrants for 385,710 shares, exercisable for series F redeemable convertible preferred stock at $14.00 each. The preferreds were convertible at $1.40 each and accrue dividends at 5.75% annually.

Based in San Francisco, Critical Path provides e-mail hosting to internet service providers. The proceeds from the offering will be used for working capital.

The stock lost half a cent on Friday to close at $0.115 (OTCBB: CPTH).

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