There are better times to register for an initial public offering than two days before Christmas in the middle of an unprecedented economic meltdown – except if you’re an adult-oriented Web business with crushing levels of debt.

FriendFinder Networks Inc. on Tuesday filed a form with the SEC to raise up to $460 million in an IPO, much of which the company intends to use to pay down $420.1 million in short-term debt and other obligations. FriendFinder is the company that resulted from the $401 million acquisition last December by Penthouse Media Group Inc., publisher of the venerable men’s magazine of the same name, of Various Inc., operator of racy social networking hubs like AdultFriendFinder, and other sex sites.

There are some revealing details in the prospectus, if you’ll pardon the expression. For starters, there doesn’t seem to be much growth in the growth side of the company’s business, Various Inc. According the filing, Various had revenue of $310 million in 2007, up 7% from $290 million in 2006. From 2005 to 2006, in contrast, Various revenue grew 36%