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.