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| Penton Media to evaluate capital structure |
Penton Media is joining the growing list of over-leveraged trade magazine publishers and event producers trying to restructure their debt. In a memo to staffers this week, Penton CEO Sharon Rowlands said the company has hired global investment bankers Rothschild Inc. to assist with an evaluation of its current capital structure, according to FOLIO:, EXPO's sister magazine.
A review, presumably, is an initial step before Penton looks to renegotiate its debt structure with its major lenders. A Penton spokesperson did not immediately return a request for comment.
It's no big surprise that Penton is reevaluating its capital structure. Wasserstein & Co. acquired the company in 2006 for $194.2 million, plus assumption and payment of debt, putting the total value of the deal at $530 million. One media M&A observer contacted by FOLIO: estimated that Penton's debt today could be “close to $1 billion.”
A growing number of trade publishers and event producers have restructured their debt in recent weeks, including Cygnus Business Media, Advanstar Communications and Questex Media.
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