Penton refinances debt, projects 2013 revenue
New York—Penton announced it has refinanced existing debt with a new $715 million credit facility through Credit Suisse.
“This positions us to fully execute on our long-term strategy and create a strong platform for the future through organic growth and strategic acquisitions,” said Penton CEO David Kieselstein in a statement.
Penton also released and estimate that its 2013 revenue will reach $370 million, including $100 million each from events and digital; it also said EBITDA has doubled since 2010 to approximately $128 million.
The company previously made a decision to focus on five core growth-oriented industry sectors—agriculture, transportation, natural products/food, infrastructure and industrial design/manufacturing. It also acquired Farm Progress Cos. and McGraw Hill Financial's aviation assets. “This approach has enabled us to drive EBITDA margins up to 34%, a nearly 700 basis point improvement over the past few years,” Kieselstein said in a statement.