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Published on 7/16/2013 in the Prospect News Convertibles Daily and Prospect News Liability Management Daily.

TeleCommunication Systems to retire $9.9 million of 4.5% convertibles

By Tali David

Minneapolis, July 16 - TeleCommunication Systems, Inc. entered into privately negotiated purchase agreements with noteholders to retire $9.9 million of its 4.5% convertible notes due in 2014, according to a press release.

The convertibles will be repurchased at 100.25 on July 19. Following the transaction, about $33.6 million will remain outstanding.

The company will use cash to fund the repurchases.

The telecommunications company is based in Annapolis, Md.


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