Seitel plans to redeem senior notes as part of acquisition by ValueAct

By Laura Lutz

Des Moines, Nov. 1 - Seitel, Inc. expects to redeem its senior notes as part of its acquisition by ValueAct Capital and its affiliates.

The company anticipates paying a total of $50 million for the redemption.

Under the merger agreement, ValueAct will acquire all of the outstanding stock of Seitel for $3.70 per share. Seitel said it expects the acquisition to be complete by early 2007, subject to shareholder approval and the receipt of financing by ValueAct.

Based in Houston, Seitel provides seismic data to the oil and gas industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.