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TNS, Inc. Announces $50 Million Share Repurchase Program

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  Published in Science and Technology on Wednesday, September 8th 2010 at 13:16 GMT by Market Wire
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RESTON, Va.--([ BUSINESS WIRE ])--TNS, Inc. (NYSE: TNS) a leading provider of critical data communications services for the telecommunications, payments and financial services industries, today announced that its Board of Directors has authorized a repurchase program of up to $50 million of the companya™s common stock over the next 18 months, subject to extension.

"We believe a stock repurchase program is the right step for our stockholders given our confidence in TNSa™ ability to execute on its growth opportunities over the next 12-18 months."

Share repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market using excess cash on hand or availability on the companya™s revolving credit facility.

Henry H. Graham, Jr., CEO, commented, aWe believe a stock repurchase program is the right step for our stockholders given our confidence in TNSa™ ability to execute on its growth opportunities over the next 12-18 months.a

Under the terms of its existing senior secured credit facility, TNS may repurchase up to $10 million of its shares at its current leverage levels. TNS is seeking to amend its senior secured credit facility to increase the amount of share repurchases permitted under the credit agreement over the next 18 months to $50 million as well as to amend certain covenants to allow for the acquisition announced separately today. TNS also is exercising the accordion feature in its senior secured credit facility to raise an incremental $50 million term loan facility, which will be fully funded and used to complete the acquisition announced separately today, and an incremental $25 million in the borrowing capacity of its revolving credit facility, which will not be drawn at closing and, if available, may be used to make share repurchases in accordance with the terms of the credit agreement.

About TNS

Transaction Network Services (TNS) is an international data communications company that enables payments, money and voices, to move around the world.

TNSa™ mission is to enable the world to transact. It does this through a broad range of networking, communications and value added services, which it provides to many of the worlda™s leading retailers, banks/processors, telecommunications companies and financial markets.

Since its inception in 1990, TNS has designed and implemented multiple data networks, each designed specifically for the transport of transaction-oriented data. TNS' networks support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods. Today, TNS has offices throughout the world serving customers in 28 countries with the ability to provide services in other countries.

For further information about TNS, visit [ www.tnsi.com ]

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, the forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the Companya™s ability to obtain increased borrowings and amendments to the terms of its senior secured credit facility and its ability to borrow funds in amounts sufficient to enable it to service its debt, meet its working capital and capital expenditure requirements and make the approved repurchases; and other risk factors described in the companya™s annual report on Form 10-K filed with the SEC on March 16, 2010. In addition, the statements in this press release are made as of September 8, 2010. The company expects that subsequent events or developments may cause its views to change.