Siris recaps TNS(2)

The recapitalisation generated a $215m dividend for investors. 

Siris Capital Group has recapitalised its position in Transaction Network Services, the firm announced in a statement.  The recap supported a $215 million dividend to investors.

TNS completed its recap on Wednesday, according to a press release released by Siris. The dividend represents roughly 80 percent of the initial equity investment made by the Siris-led consortium. That deal, a take-private, closed in February 2013.

“When we closed the transaction a year ago, we put together a credit facility that was first and second lien,” Siris vice president Philip Lo told Private Debt Investor, adding that the refinancing of the credit facility includes $100 million of first lien and $100 million of second lien.

Sankaty Advisors and GSO Capital Partners anchored the recapitalisation.

TNS provides data communications and interoperability solutions to the retail, banking, payment processing, telecommunications and the financial markets sectors.

Siris is a New York-based private equity firm that specialises in the data, telecommunications, technology and tech-enabled business service sectors. The firm uses its co-investment programme to invest in special situations from $250 million to $1 billion in size.