TeleCommunication Systems greenshoe fully exercised, lifts 4.5% convertibles to $103.5 million

By Marisa Wong

Milwaukee, Nov. 16 - TeleCommunication Systems, Inc. announced that the underwriters of its recent offering of 4.5% convertible senior notes due 2014 exercised the $13.5 million over-allotment option in full, increasing the size of the offering to $103.5 million. The Rule 144A deal closed on Monday, according to a press release.

TeleCommunication Systems priced $90 million of five-year convertibles on Nov. 10 to yield 4.5% with an initial conversion premium of 30%.

Oppenheimer & Co., Inc. and Raymond James & Associates, Inc. were the joint bookrunners.

Net proceeds from the offering totaled $100.4 million. The company plans to use the proceeds for general corporate purposes.

Annapolis, Md.-based TeleCommunication Systems engineers and delivers wireless communications technology.

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