By Lisa Kerner
Charlotte, N.C., Nov. 16 - Friendfinder Networks Inc. detailed the Nov. 5 sale of three tranches of notes in form D filings with the Securities and Exchange Commission.
The company sold $305 million of 14% senior secured notes due 2013 through Imperial Capital, LLC and PrinceRidge Group LLC.
Standard & Poor's assigned the notes a B rating with a recovery rating of 3, indicating an expectation of 50% to 70% recovery in the event of a default.
Friendfinder sold $13.78 million of cash-pay secured notes due 2013 and $232.46 million of non-cash-pay secured notes due 2014.
S&P rated both tranches CCC+ with a recovery rating of 6, indicating an expectation of 0% to 10% recovery.
Proceeds from the sale of the notes will be used to repay Interactive Network, Inc.'s outstanding debt.
Friendfinder is an internet-based social networking and multimedia entertainment company based in Boca Raton, Fla.
| Issuer: | Friendfinder Networks Inc.
|
|
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| Issue: | Senior secured notes
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| Amount: | $305 million
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| Maturity: | Three years
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| Coupon: | 14%
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| Placement agents: | Imperial Capital, LLC, PrinceRidge Group LLC
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| Rating: | Standard & Poor's: B
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|
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| Issue: | Cash-pay secured notes
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| Amount: | $13,777,790
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| Maturity: | Three years
|
| Rating: | Standard & Poor's: CCC+
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| Issue: | Non-cash-pay secured notes
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| Amount: | $232,457,118
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| Maturity: | Four years
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| Rating: | Standard & Poor's: CCC+
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