Metromedia Fiber Wins $235 Million of Vendor Financing

NEW YORK, Sept. 4 -- Metromedia Fiber Network Inc has executed a commitment letter for $235 million of vendor financing. The expiration date of the commitment letter is September 4, 2001. The vendor financing commitment is subject to conditions including (1) the closing of the $150 million note facility led by Citicorp, USA, (2) commitments from other sources in the amount of $230 million ($180 million of which has been committed to by affiliates of the company), and (3) obtaining the requisite consents from holders of the company's 10 percent senior notes due 2008 and 2009 pertaining to the company's previously announced consent solicitation.