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BtoB

Penton takes steps to ease debt burden

Published on .

Cleveland--In a move designed to reduce its long-term debt load, which has been exacerbated by the lingering b-to-b media recession, Penton Media Inc. announced Tuesday that it has closed on its agreement with an investor group led by ABRY Mezzanine Partners L.P. The group has secured a private placement of 40,000 shares of a new series of convertible preferred stock and warrants to purchase 1.28 million shares of Penton common stock for $40 million. The sale of an additional 10,000 shares of preferred stock and warrants to purchase 320,000 shares of Penton common stock for $10 million is expected to close within 30 days. Additionally, a separate agreement to amend the terms of Penton’s existing senior secured credit facility became effective. The amendment provides the company with a maximum availability of $40 million.
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