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TeleCommunication Systems closes note offering
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ANNAPOLIS, Md. - 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.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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