The publisher of adult magazine Penthouse said it plans to sell shares in an initial public offering, using the money to pay down debt.

Friendfinder, which owns a string of websites along with Penthouse and posted revenue of $346 million last year, said on Thursday it had hired Imperial Capital and Ladenburg Thalmann & Co to oversee the IPO.

The company, in a regulatory filing, did not estimate how much stock it would sell or what the price of the shares would be. It said proceeds would be used be repay at least part of around $319 million in debt it issued last year.

The shares will be sold on the Nasdaq market. The company said it will be listed under the symbol FFN.

Last year Friendfinder offered to buy rival Playboy Enterprises Inc for $210 million but was thwarted when Playboy founder Hugh Hefner moved to take the company private.

(Reporting by Paul Thomasch; editing by John Wallace)