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Technology Stocks : METROMEDIA FIBER NETWORK (MFNX)

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To: JakeStraw who wrote (1931)	2/14/2002 9:15:26 AM
From: Dorine Essey	of 1983

11:31 ET Metromedia Fiber Amends $89 Million Note Issued To Bechtel 13 Feb 11:31 WASHINGTON -(Dow Jones)- Bechtel Group Inc. (X.BTL) agreed to amend the terms of a convertible note issued to it by Metromedia Fiber Network Inc. (MFNX), reducing the principal amount to $79 million from $89 million. As a result, Bechtel's beneficial ownership in Metromedia declined to 18.1%, which represents 148.3 million common shares it can acquire from the conversion of the note and a related warrant, according to a filing Wednesday with the Securities and Exchange Commission. Bechtel held a 23.5% Metromedia stake when the note was issued in October 2001. The filing didn't give a reason for the reduction, but said that according to the October 2001 letter agreement the companies had the option of reducing or increasing the note amount by $10 million. The principal amount outstanding on Metromedia's 8.5% senior subordinated convertible note due September 2003 was $65.8 million as of Feb. 11. Metromedia has made all the payments due through Dec. 31, 2001, the filing said. Metromedia issued the note as part of a $611 million financing package that staved off a potential bankruptcy filing by the fiber-optic communications network operator. As part of the amendment, Metromedia agreed to release Bechtel from all liabilities and demands under contracts for work in Toronto, the filing said. -By Robert L. Grant, Dow Jones Newswires; 202-393-7851; robert.grant@dowjones.com (This story was originally published by Dow Jones Newswires) Copyright (c) 2002 Dow Jones & Company, Inc. All Rights Reserved

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