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SEITEL COMPLETES CONVERTIBLE DEBT OFFERING

 SEITEL COMPLETES CONVERTIBLE DEBT OFFERING
 HOUSTON, March 26 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI) announced


today that it has completed its public offering of $12.5 million principal amount convertible subordinated debentures due March 31, 2002.
 The debentures, which were offered by American Securities Corporation, carry an interest rate of 9 percent and a conversion price of $9.375 per share.
 The debentures are trading on The New York Stock Exchange, under the symbol: SEI.F.
 Seitel said it will use a portion of the net proceeds of approximately $11.5 million to prepay about $8.2 million indebtedness in its bank lines, which facilities will remain available to the company. The balance of the proceeds will be used for working capital purposes and to expand the company's seismic data library.
 Seitel creates proprietary seismic surveys and markets data from its library.
 -0- 3/26/92
 /CONTACT: Jay M. Green of Seitel, 203-629-1400/
 (SEI) CO: Seitel, Inc. ST: Texas IN: SU: OFR


SH -- NY070 -- 2040 03/26/92 14:25 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 26, 1992
Words:170
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