Seitel gets no tenders for $8.513 million 11¾% notes

By Jennifer Chiou

New York, April 18 - Seitel, Inc. announced holders of its 11¾% senior notes due 2011 did not tender their securities in the company's excess cash flow offer to purchase up to $8.513 million of the notes.

The offer expired at 5 p.m. ET on April 17.

Seitel was required by the terms of its notes' indenture to make the offer because the company generated excess cash flow of $17.552 million in 2005. The indenture requires the company to tender for the notes with 50% of the excess cash flow, at a purchase price of 100% plus accrued interest.

For each $1,000 principal amount of notes, the company had said it would pay $1,031.01, which includes accrued interest.

The company said $189 million of notes remain outstanding.

Based in Houston, Seitel provides seismic data to the oil and gas industry. The company began the offer on March 16.

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