Friendfinder Networks may call 6% convertibles due 2011

By Angela McDaniels

Tacoma, Wash., Dec. 23 - Friendfinder Networks Inc. may redeem its $170 million 6% subordinated convertible notes due Dec. 6, 2011, according to an S-1 filing with the Securities and Exchange Commission.

The company plans to use the proceeds from its upcoming $460 million initial public offering of stock to redeem nearly $400 million of senior secured or subordinated secured notes, including its $32.2 million outstanding 13% subordinated term loan notes due 2011.

However, under the terms of the intercreditor agreement among the company and its subsidiaries, it cannot redeem the term loan notes until the convertibles are redeemed or converted.

Friendfinder is an internet-based social networking and multimedia entertainment company based in Boca Raton, Fla.

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