TeleCommunication Systems closes note offering

AP News
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Posted: Nov 16, 2009 4:50 PM

Wireless communications company TeleCommunication Systems Inc. said Monday it closed a $103.5 million offering of 4.5 percent convertible senior notes due in 2014.

The company estimates that proceeds totaled about $100.4 million from the offering. It plans to use the proceeds for general corporate purposes, such as acquisitions and working capital.

Its shares rose 12 cents to close Monday at $8.05.