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FriendFinder Prices Initial Offering at Bottom of the Range

May 11 (Bloomberg) -- FriendFinder Networks Inc., the publisher of Penthouse magazine, raised $50 million in an initial public offering after selling shares at the bottom of its price range.

The operator of websites including AdultFriendFinder.com and Cams.com sold five million shares at $10 apiece, according to a company statement today. FriendFinder, which is based in Boca Raton, Florida, had offered shares at $10 to $12 each, according to a Securities and Exchange Commission filing.

FriendFinder will use the proceeds to pay down debt, it said in the statement. The company postponed an IPO last year that sought to raise as much as $240 million and in 2008 had announced plans for an offering of up to $460 million, SEC filings show.

Imperial Capital Group Inc. of Los Angeles and Ladenburg Thalmann Financial Services Inc. of Miami managed the offering.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net

To contact the editor responsible for this story: Jeffrey St.Onge at jstonge@bloomberg.net

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