Seitel plans to sell $250 million six-year senior notes

By Paul A. Harris

Portland, Ore., March 7 - Seitel, Inc. set an investor call for Monday to discuss its $250 million offering of six-year senior notes (B1/B), according to a market source.

The deal will be featured on a roadshow that is set to run through the March 11 week.

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A with registration rights notes come with three years of call protection.

Proceeds, together with cash on hand, will be used to repurchase $275 million of the company's 9¾% senior notes due 2014.

Seitel is a Houston-based provider of onshore seismic data to the oil and gas industry.

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