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Penton Media Inc., a Cleveland-based trade magazine publisher and conference organizer, said that a group led by ABRY Mezzanine Partners LP has agreed to invest $50 million in newly issued Penton preferred stock and warrants. Penton would use the money to reduce debt. ABRY Mezzanine, a fund managed by the Boston private equity firm ABRY Partners, and its co-investors would be issued 50,000 shares of preferred stock convertible into common at $7.61 a share, subject to adjustments, as well as warrants to purchase 1.6 million Penton common shares, Penton said. The deal is scheduled to close by Friday. --David Carey www.TheDeal.com