SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
February 16, 1999
(Date of Earliest Event Reported)
SEITEL, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-14488 76-0025431
(Commission File Number) (IRS Employer Identification No.)
50 Briar Hollow Lane, West 7th Floor
Houston, Texas 77027
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code
(713) 881-8900
Page 1 of 4
Index to Exhibits at Page 3
<PAGE>
Item 5. OTHER EVENTS
On February 16, 1999, the Company released the press release attached
hereto as an exhibit, which is hereby incorporated herein by reference. This
press release is being filed pursuant to rule 135c(d).
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99 Press release dated February 16, 1999
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: February 16, 1999
SEITEL, INC.
BY: /s/ Paul A. Frame
------------------------------------------
PAUL A. FRAME
President and Chief Executive Officer
<PAGE>
INDEX TO EXHIBITS
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Exhibits Page No.
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99 Press release dated February 16, 1999 4
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SEITEL NEWS
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CONTACT: Russell J. Hoffman, Vice President Corporate Communications
(203) 629-0633
Debra D. Valice, Chief Financial Officer
(713) 881-8900
FOR IMMEDIATE RELEASE
SEITEL RAISES $138 MILLION IN A PRIVATE PLACEMENT OF SENIOR NOTES
Highlights
- ----------
o Despite weak commodity prices, Seitel raised $138 million in a private
placement of three series of senior notes with institutional investors.
o The three series of senior notes are unsecured, with an average interest
rate of 7.29%.
o Use of proceeds will be to repay existing bank credit lines and capital
expenditures.
HOUSTON, TX, February 16, 1999 -- Seitel, Inc. (NYSE: SEI), a leading
seismic-technology company, announced today that it had raised $138 million in a
private placement of three series of senior notes with institutional investors.
The three series of senior notes are unsecured. The first series, totaling $43
million, matures on February 15, 2009 with no amortization. The second series,
totaling $20 million, matures on February 15, 2004 with no amortization. The
third series, totaling $75 million, matures on February 15, 2009 with annual
principal payments of $12.5 million commencing February 15, 2004. The average
interest rate of the three series of senior notes is 7.29%. The net proceeds of
the offering, approximately $136.5 million, will be used by the company to repay
existing bank credit lines and for capital expenditures.
The new senior notes have not been registered under the Securities Act of 1933,
as amended, or any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements. This press release shall not constitute an offer to sell or a
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.
Seitel markets its proprietary seismic information/technology to more than 400
petroleum companies, selling data from its library and creating new seismic
surveys under multi-client ("group shoot") projects. It also selectively
participates in oil and natural gas exploration and development programs with
over 100 petroleum-industry partners.
# # # #
Statements in this release about the future outlook related to Seitel involve
known and unknown risks and uncertainties, which may cause the Company's actual
results to differ materially from expected results. While the Company believes
its forecasting assumptions are reasonable, there are factors that are hard to
predict and influenced by economic and other conditions that are beyond the
Company's control. These risk factors are detailed in Seitel's filings with the
Securities and Exchange Commission, including its most recent Form 10-K Annual
Report, a copy of which may be obtained from the Company without charge.
50 Briar Hollow Lane West NYSE:SEI (713)881-8900
Houston, TX 77027 (713)881-8901 (Fax)
