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Siris Capital scores $215m dividend recap for TNS one year after buyout

27 Feb 2014

Technology-focused private equity firm Siris Capital has completed a leveraged recapitalisation for Transaction Network Services (TNS), raking in a $215m dividend.

TNS amended its existing first and second lien credit facilities for a dividend that represents approximately 80 per cent of the initial equity investment by Siris. The incremental debt placement was oversubscribed and the recapitalisation was made possible by TNS’ strong financial performance since Siris’ acquisition 12 months earlier, the firm said.

Siris led a consortium of investors to acquire TNS in a take-private in February 2013. The company provides data communications and interoperability solutions.

Siris targets control investments in data, telecommunications, technology and technology-enabled business service companies in North America, focusing on special situations from $250m to $1bn. The firm span out from SAC Capital in 2011, raising its first independent fund in 2012. It recently sold network signalling and data management company Tekelec to Oracle after holding it for just over a year.

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