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Prospect News home > News index > List of issuers T > Headlines for TNS, Inc. > News item |
Moody’s revises TNS view to stable
Moody's Investors Service said it affirmed the ratings of TNS, Inc., including the B2 corporate family rating following the sale of its Gateway service business.
TNS plans to use the net cash proceeds, along with cash on hand, to pay down $75 million of existing debt and make a $75 million distribution to shareholders.
Pro forma for the debt repayment, the company will have about $545 million of first-lien term loan and $170 million of second-lien term loan debt outstanding.
The outlook was changed to stable from negative given the company's improved leverage following the debt repayment and the company's efforts to manage expenses in the past year.
Moody’s said the outlook incorporates its view that the company will continue to generate positive free cash flow while maintaining flat- to low-single-digit percentage revenue growth over the next several quarters.
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