Penthouse-parent FriendFinder Networks, which pulled its plans for an initial public offering last fall, has now raised $551.2 million in debt financing. Intriguingly, CEO Marc Bell tells the WSJ that the company, which also owns several adult social networks and dating sites, is about to launch “three big initiatives.”
Bell didn’t tell the paper what those efforts were but the company did offer $210 million for Playboy (NYSE: PLA) in July, an offer which — so far — Playboy hasn’t given much serious consideration. When the company made its proposal, it phrased it as an “indication of interest” and said it was reaching out to major lenders to finance it.
FriendFinder had $433 million of debt related to its purchase of AdultFriendFinder.com parent Various Inc. in late 2007 as of last fall and had said it would use the proceeds of its initial public offering to pay that down. The new financing, therefore, could theoretically give the company enough cash to pay all that off — and do more. We’ve asked the company about its plans and will update when we hear back.