Metromedia Fiber Gets Additional Funding

NEW YORK, Aug. 20 -- Metromedia Fiber Networks Inc. has received a conditional agreement from Citigroup Inc. and other lenders for $150 million in financing, bringing its total funding commitments to $330 million. The company said Citicorp agreed to purchase $62.5 million of notes, while other lenders committed to another $87.5 million. Metromedia did not identify the other lenders.
The new funding commitments hinge on several conditions. Metromedia must get $200 million in vendor financing, agreements from certain vendors to defer payment obligations, and commitments for $230 million in additional funding, of which $180 million has been committed by company affiliates.