Metromedia lands credit extension … sort of
No pressure here. Metromedia Fiber Netwok Inc. landed a $62.5 million credit extension from Citicorp, contingent on pulling in another $487.5 million from other sources, including $200 million in vendor financing.
Metromedia says affiliates have committed to $180 million of the $287.5 million needed from "other sources," but it's contingent on closing ongoing talks of $200 million in vendor financing and contingent on closing the Citicorp deal.
The company's extension would run until Aug. 15, two weeks past the original July 31 due date. Metromedia President and COO Nick Tanzi says the company is "working extremely hard to obtain this financing in a challenging funding environment," but the company isn't providing any assurances.