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SEAGULL ENERGY CORPORATION ANNOUNCES SALE COMPLETION IN DEBT SECURITIES

 HOUSTON, July 23 /PRNewswire/ -- Seagull Energy Corporation (NYSE: SGO) announced today that it has completed its sale of $250 million in debt securities offered by a group of underwriters led by Dillon, Read & Co. Inc.
 The company said $100 million in 10-year Senior Notes were sold to yield 7-7/8 percent, non-callable for the life of the Notes. In addition, $150 million in 12-year Senior Subordinated Notes were sold to yield 8-5/8 percent, non-callable for seven years. The Senior Notes are rated `Ba2' by Moody's and `BB+' by Standard & Poor's, whereas the Senior Subordinated Notes have ratings of `Ba3' and `BB-,' respectively.
 Proceeds will be used to repay amounts borrowed under the company's existing revolving line of credit.
 "Obviously, we are pleased to place these Notes at such attractive long-term rates," said Seagull Chairman Barry J. Galt. "With this successful offering, we have made more than 50 percent of our current debt subject to fixed interest rates, stretched out our maturity schedule and diversified our sources of funding.
 "Most important," he added, "we have increased our financial flexibility to enable us to pursue our primary corporate objective of expanding our natural gas reserve base still further."
 Also participating in the underwriting group are Donaldson, Lufkin & Jenrette Securities Corporation, J.P. Morgan Securities Inc. and Merrill Lynch & Co.
 -0- 7/23/93
 /CONTACT: Alan Payne of Seagull Energy Corporation, 713-951-4700/
 (SGO)


CO: Seagull Energy Corporation ST: Texas IN: OIL SU: OFR

WB -- NY052 -- 5150 07/23/93 12:19 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:250
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