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 signed an agreement for $231 million of vendor financing. The agreement expires on September 28, 2001 if the closing does not occur on or prior to that date. The closing of the $231 million of vendor financing is subject to conditions including: (i) the closing of the $150 million note facility led by Citicorp, USA, for which the Company has a signed agreement subject to various conditions, and (ii) the closing of the $230 million of convertible notes financing, for which the Company has commitments of $180 from Company affiliates and $50 million from an investor. The Company cannot provide any assurances that it will be able to consummate any of the financings it is pursuing. Each of the financings is contingent upon the consummation of the other financings. In the event that the Company does not consummate the financings, it will need to seek protection under the bankruptcy laws. In the event that the Company does consummate the financings, the Company's stockholders will be significantly diluted as a result of the issuance of equity to the parties providing financing.Metromedia Fiber Network Inc. (MFN)