This excerpt taken from the TNS 10-Q filed May 2, 2005.
On April 5, 2005, TNS commenced a modified Dutch auction tender offer to purchase up to 9 million shares of its outstanding common stock at a price per share of not less than $18.00 nor greater than $18.50 per share net to the seller in cash, for an aggregate purchase price of up to $166.5 million. The tender offer will expire, unless extended, at 5:00 pm, New York City time, on May 3, 2005.
TNS controlling stockholder, GTCR Golder Ranuner L.L.C. and its affiliated investment funds (which are collectively referred to as GTCR), has committed to tender 6 million shares pursuant to the tender offer. GTCR beneficially owns approximately 12.6 million shares of TNS outstanding common stock. TNS has obtained a commitment letter from General Electric Capital Corporation for a $240 million credit facility, a portion of which will be used to finance the tender offer. Accordingly, the tender offer will be conditioned upon the closing of this financing pursuant to the terms and conditions contained in the commitment letter and on terms satisfactory to TNS on or prior to the expiration of the tender offer and other customary conditions.