Metromedia Fibre Networks, a US provider of telecoms services scheduled to open a $75 million data centre in Dublin in two weeks, yesterday signed a $611 million financing deal.
The financial package includes a $150 million note provided by Citicorp Bank, $230 million in convertible debt financing and $231 million in vendor financing.
The cash should secure Metromedia's medium-term future following a tortuous fund raising process which saw Metromedia's share price dive to a low of 30 cents yesterday. Its shares jumped over 100 per cent on news of the financing deal.
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