GE Commercial Finance today announced it acted as administrative agent for a $240 million senior secured credit facility for the recapitalization of Transaction Network Services (“TNS”). GE Capital Markets served as sole lead arranger.The financing consisted of a $15 million senior secured revolving credit facility and a $225 million senior secured term loan. Proceeds were used to fund a special dividend payment and to refinance existing senior indebtedness.
“As illustrated with TNS, GE Commercial Finance continues to deliver a full range of financing options, with flexibility and timeliness and rigorous focus on the special needs of a company as well as the transaction situation,” said Thomas Beck, Senior Vice President of GE Antares Capital.
Henry Graham, TNS CEO, said, “We appreciate GE Commercial Finance’s support and responsiveness on the TNS financing. We look forward to continuing the strong working relationship that we have developed with GE.”
About Transaction Network Services
Headquartered in Reston, Virginia, TNS is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications. TNS provides rapid, reliable and secure transaction delivery platforms to enable transaction authorization and processing across several vertical markets and trading communities.
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. TNS network technologies have been deployed in the United States and internationally, and TNS networks have become preferred networks servicing the trading community, wireless and wireline carriers, and the card processing and dial-up automated teller machine markets. Visit www.tns-international.com
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $233 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s website at www.ge.com
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