Petersen Files for International IPO

Magazine publisher Petersen Cos. has filed to sell stock to the public through an initial public offering of as much as $150 million. The Los Angeles-based company is a leading publisher of special-interest publications, including Motor Trend, Teen, Off-Road, Guns & Ammo, Sport and Motorcyclist. Proceeds from the deal, which could be sold in the next few months, will be used to pay off bank debt and redeem other outstanding securities. Underwriters on the deal, which will be sold internationally and domestically, will be led by Morgan Stanley Dean Witter and Donaldson, Lufkin & Jenrette Securities. Petersen was founded by East Los Angeles native Robert Petersen, a former MGM messenger who later grew a publishing concern of 78 magazines. Petersen also is a $15-million benefactor of the Petersen Automotive Museum on Wilshire Boulevard. In 1996, the publishing company was acquired for $450 million by a group led by Willis Stein & Partners of Chicago, but Petersen still has a minority stake in the concern.