San Francisco - PlanetOut, a publisher of print and online media for the gay community, including The Advocate and Gay.com, announced on Monday that it has raised $26.2 million in financing through a private placement of its shares.

Investors included Special Situations Funds, Cascade Investment, SF Capital Partners, PAR Investment Partners and Allen & Company.

The funds come as the company faced a deadline of Friday, June 30 to raise $7 million to pay off existing loans; another payment of $8.5 million is due later this year.

San Francisco-based PlanetOut raised $42 million in its IPO in 2004, and acquired the publisher of The Advocate and OUT magazines for $31 million in 2005.

The company's shares rose over 20% on the news, to about $1.60 per share, far off of a 52-week high of $7.20.

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