Printer Friendly

SEITEL PLANS CONVERTIBLE DEBT OFFERING

 SEITEL PLANS CONVERTIBLE DEBT OFFERING
 HOUSTON, Nov. 22 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI), a seismic


data company, announced today that it intends to file with the Securities and Exchange Commission a registration statement for a proposed public offering by the company of approximately $12.5 million principal amount convertible subordinated debentures due Dec. 31, 2001.
 Seitel said if the offering is completed, it intends to use part of the net proceeds to prepay bank indebtedness. The company also intends to use a significant portion of the balance of the proceeds to enhance its seismic data library through the creation and/or acquisition of additional seismic data, both two-dimensional and three-dimensional, in both domestic and international markets.
 If an over allotment option is exercised, the additional net proceeds may be used to repurchase a portion of the Seitel common stock owned by the company's largest stockholder, Helm Resources, Inc. (AMEX: H), Seitel said.
 Seitel said that the proposed offering will be made only by means of a prospectus to be included in an effective registration statement.
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
 -0- 11/22/91
 /CONTACT: Jay M. Green of Seitel, 203-629-1400/
 (SEI) CO: Seitel, Inc. ST: Texas IN: SU: OFR


CK -- NY077 -- 6568 11/22/91 17:56 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1991
Words:255
Previous Article:BRIGHAM'S OPENING IN SYRACUSE
Next Article:SIERRA ANNOUNCES CARTRIDGE REPRESENTATION AGREEMENT


Related Articles
SEITEL FILES WITH SEC FOR PUBLIC OFFERING OF CONVERTIBLE DEBT
SEITEL COMMENCES CONVERTIBLE DEBT OFFERING
SEITEL COMPLETES CONVERTIBLE DEBT OFFERING
SEITEL REPORTS RECORD FIRST QUARTER RESULTS
SEITEL REDEEMS 12.5 PERCENT BONDS FOR CASH
$7.1 MILLION OF SEITEL'S 9 PERCENT CONVERTIBLE BONDS EXCHANGED,
SEITEL TO CALL 9% CONVERTIBLE BONDS
SEITEL'S SEISMIC-CREW SUBSIDIARY PRICES IPO
Seitel Negotiating Amended Reorganization Plan.
Seitel Announces Agreement for Proposed Amended Reorganization Plan.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters