TeleCommunication Systems closes offering of $103.5 million of notes

TeleCommunication Systems closes note offering

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.