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SEITEL COMMENCES CONVERTIBLE DEBT OFFERING

 SEITEL COMMENCES CONVERTIBLE DEBT OFFERING
 HOUSTON, March 19 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI) announced


today that it has commenced its public offering of $12.5 million principal amount convertible subordinated debentures due March 31, 2002.
 The debentures are being offered by American Securities Corporation, the sole underwriter, and carry an interest rate of 9 percent and a conversion price of $9.375 per share.
 The debentures have been approved for listing on the New York Stock Exchange (NYSE: SEI 02), subject to official notice of issuance, with trading scheduled to start March 26, 1992.
 Seitel said it will use the net proceeds of approximately $12 million to prepay its bank indebtedness of about $8.2 million. The balance of the proceeds will be used for working capital purposes and to expand the company's seismic data library. Expansions include Seitel's first overseas and marine seismic survey, scheduled to commence in the U.K. Irish Sea in early April, and the company's planned entry later this year into three-dimensional seismic surveys to complement the two-dimensional data it has specialized on to date.
 Seitel creates proprietary seismic surveys and markets data from its library.
 -0- 3/19/92
 /CONTACT: Jay M. Green, director-investor relations of Seitel, 203-629-1400/
 (SEI) CO: Seitel Inc. ST: Texas IN: SU: OFR


TS -- NY057 -- 9691 03/19/92 12:33 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 19, 1992
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