MFN Makes Its Nut

NEW YORK -- Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX - news), the leader in deployment of optical IP Internet infrastructure within key metropolitan areas domestically and internationally, announced today that it has received a commitment letter for a $50 million convertible debt investment from an investor. The commitment letter, which expires on September 17, 2001, is subject to conditions including: (i) the closing of the $150 million note facility led by Citicorp USA; (ii) the closing of the $180 million investment by certain affiliates of the Company; (iii) the closing of vendor financing; (iv) satisfactory due diligence review of the Company by the investor; and (v) execution of definitive documentation. The Company also announced today that it has received a one-day extension of the commitment letter for the $150 million note facility led by Citicorp, USA and a one-day extension of the previously announced commitment letter for $235 million of vendor financing. The commitment letters for the note facility and the vendor financing expire on September 5, 2001. The Company cannot provide any assurances that it will be able to consummate any of the financings it is pursuing. Metromedia Fiber Network Inc. (MFN)