Seitel buys $4 million 11¾% notes in excess cash flow offer

New York, May 5 - Seitel, Inc. said it accepted for payment the $4 million of its 11¾% senior notes due 2011 tendered in its excess cash flow offer to buy the notes.

As announced on April 4, the company had been offering to buy up to $4.759 million of the notes.

The Houston seismic data company was offering $1,035.90 per $1,000 principal amount, including accrued interest.

The offer ended at 5 p.m. ET on May 2.

Seitel said it was required to make the offer because it generated excess cash flow of $9.859 million for 2004. The buyback offer is for 50% of the cash flow figure.

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