(RTTNews) -  TeleCommunication Systems Inc. (TSYS: News ) announced that it closed offering of $103.5 million aggregate principal amount of 4.5% convertible senior notes due in 2014.

The net proceeds to the company from the offering, after deducting the initial purchasers' commissions and estimated fees and expenses of the offering payable by TeleCommunication Systems, were approximately $100.4 million.
The company said it used a portion of the gross proceeds of the offering to pay its cost of the convertible note hedge transactions that it entered into with certain counterparties.

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by RTT Staff Writer

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