By Sheri Kasprzak
New York, March 13 - TeleCommunication Systems, Inc. has concluded a $10 million private placement of non-convertible secured notes.
The 14% notes are due in March 2009. If the company chooses to pay interest through the interest of additional notes, interest will accrue at 16% annually.
The investors received warrants for 1.75 million class A shares, exercisable at $2.40 each for five years.
Raymond James & Associates, Inc. was the placement agent.
Based in Annapolis, Md., TeleCommunication provides wireless communications to carriers and corporate and government clients.
| Issuer: | TeleCommunication Systems, Inc.
|
| Issue: | Non-convertible secured notes
|
| Amount: | $10 million
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| Maturity: | March 2009
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| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Warrants: | For 1.75 million class A shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.40
|
| Placement agent: | Raymond James & Associates, Inc.
|
| Settlement date: | March 13
|
| Stock symbol: | Nasdaq: TSYS
|
| Stock price: | $2.22 at close March 13
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