from www.reuters.com – FriendFinder Networks Inc, an operator of social-networking websites and publisher of the adult men’s magazine, Penthouse, set the terms of its initial public offering on Friday, cutting its size by more than half.

The Boca Raton, Florida-based company said in a filing with the U.S. Securities and Exchange Commission that it plans to sell 20 million shares for $10 to $12, each. At the midpoint that would raise $220 million.

The company filed for an IPO in December 2008 of up to $460 million, but did not disclose details.

FriendFinder’s properties range from AdultFriendFinder.com to BigChurch.com and SeniorFriendFinder.com.

The company reported net revenue of $244.4 million in the nine months ended Sept. 30, up slightly from $243.9 million in the same period a year ago. It reported a net loss of $27.4 million, narrower than its $32.3 million loss a year ago.

FriendFinder said all proceeds from the offering would be used to pay waiver fees and repay a portion of its debt.

FriendFinder plans to list on the New York Stock Exchange under the symbol “FFN.”

Underwriters on the offering are being led by RenCap and Ledgemont Capital Markets LLC. They have the option to purchase an additional 3 million shares. (Reporting by Clare Baldwin; editing by Andre Grenon)