* IPO sells 5 mln shares for $10 vs $10-$12 range
* Scrapped previous plan to go public in 2010
* To begin trading on Nasdaq Wednesday under symbol "FFN"
* Imperial Capital, Ladenburg Thalmann led underwriters
(Adds use of proceeds, financials, previous IPO attempt)
NEW YORK, May 10 FriendFinder Networks Inc, the
publisher of adult magazine Penthouse, took another stab at an
initial public offering on Tuesday, raising $50 million to
repay some of its debt, an underwriter said.
The company, which also operates a string of social
networking websites, sold 5 million shares for $10 each, at the
bottom of the proposed price range of $10 to $12 per share.
FriendFinder, whose websites include AdultFriendFinder.com
and BigChurch.com, plans to use all of the proceeds to pay down
a portion of its debt, the company said in a filing with the
U.S. Securities and Exchange Commission.
Boca Raton, Florida-based FriendFinder has geared up for an
IPO in the past, only to see plans derailed. In 2008 it filed
for an IPO of up to $460 million, but later cut the sale in
half. Last February, it indefinitely shelved plans for the
sale, citing market conditions.
Also last year, FriendFinder offered to buy rival Playboy
Enterprises Inc for $210 million, but was thwarted when Playboy
founder Hugh Hefner moved to take the company private.
FriendFinder's revenue grew about 6 percent to $346 million
last year, while its net loss per share increase by 14 cents to
$3.14 per share.
Shares of FriendFinder are expected to begin trading on
Nasdaq on Wednesday under the symbol "FFN" FFN.O.
Imperial Capital and Ladenburg Thalmann & Co led
underwriters on the IPO.
(Reporting by Alina Selyukh; Editing by Tim Dobbyn)