Seitel amends credit facility to allow note redemptions at below par

By Jennifer Chiou

New York, Nov. 30 - Seitel, Inc. and Canadian subsidiary Olympic Seismic Ltd. entered into on Nov. 28 an amendment to their credit agreement with lenders Wells Fargo Capital Finance, LLC and Wells Fargo Capital Finance Corp. Canada to pave the way for Seitel to repurchase a limited amount of its high-yield notes at a price below par, according to an 8-K filing with the Securities and Exchange Commission.

In June, the company called $125 million of its $400 million of 9¾% senior notes due 2014, and it purchased its $2 million of outstanding 11¾% senior notes due July 15, 2011 under an excess cash flow offer in May.

Seitel is a Houston-based provider of seismic services to the energy industry.

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