TNS to get $75 million incremental bank debt under accordion feature

By Sara Rosenberg

New York, Sept. 13 - TNS Inc. plans on exercising the accordion feature in its senior secured credit facility to raise an incremental $50 million term loan and an incremental $25 million revolver, according to a news release.

The term loan will be used to fund the approximately $50 million acquisition of Cequint Inc., a Seattle-based provider of carrier-grade caller ID products and enhanced services with mobile operators.

The revolver will be unfunded at close.

Closing on the acquisition is expected early in the fourth quarter.

In addition, the company is looking to amend certain covenants in its credit facility to allow for the acquisition and to increase the amount of share repurchase permitted over the next 18 months.

Funds for the share repurchase would come from revolver borrowings.

TNS is a Reston, Va.-based provider of critical data communications services for the telecommunications, payments and financial services industries.

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