MFN secures another piece of funding puzzle
Metromedia Fiber Network, which is dealing with an intricate set of stipulations to obtain the money it needs to stay afloat, has received a conditional commitment for $235 million in vendor financing.
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To secure the financing MFN must meet certain conditions by Tuesday, including: closing a $150 million note facility led by Citicorp USA; obtaining commitments from other sources for $230 million in financing; and obtaining consent from the holders of its 10% senior notes due 2008 and 2009 to change the indentures of those notes.
Currently MFN has secured commitments for the full $150 million Citicorp-led note facility. The company has also secured $180 of the $230 million in additional funding.
--Toby Weber, staff writer
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© 2012 Penton Media Inc.
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