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Previous: OPPENHEIMER MULTI-STATE TAX-EXEMPT TRUST, NSAR-A, 1995-08-28 |
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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8 - K/A
(AMENDMENT NO. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): FEBRUARY 24, 1995
KANEB PIPE LINE PARTNERS, L.P.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE
--------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
1-10311 75-2287571
(Commission File Number) (IRS Employer Identification No.)
2435 N. Central Expressway, Seventh Floor, Richardson, Texas 75080
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 699-4000
----------------------------
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Pro forma financial information.
<PAGE>
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.
KANEB PIPE LINE PARTNERS, L.P.
------------------------------
(Registrant)
Date: August 28, 1995 /s/ Edward D. Doherty
---------------------------
Edward D. Doherty
Chairman
<PAGE>
KANEB PIPE LINE PARTNERS, L.P.
PRO FORMA FINANCIAL STATEMENTS
(Unaudited)
In February 1995, Kaneb Pipe Line Partners, L.P. ("Kaneb") acquired, through its
operating partnership, the refined petroleum product pipeline assets (the "West
Pipeline") of Wyco Pipe Line Company for $27.1 million. The West Pipeline was
owned 60% by a subsidiary of GATX Terminals Corporation and 40% by a subsidiary
of Amoco Pipe Line Company. The acquisition was financed by the sale of $27
million of first mortgage notes to three insurance companies. The assets
acquired from Wyco Pipe Line Company did not include certain assets that were
leased to Amoco Pipe Line Company, and the purchase agreement did not provide
for either (i) the continuation of an arrangement with Amoco Pipe Line Company
for the monitoring and control of pipeline flows or (ii) the extension or
assumption of certain credit agreements that Wyco Pipe Line Company had with its
shareholders.
The following unaudited pro forma financial statements for Kaneb have been
derived from the audited historical financial statements of Kaneb and Wyco
Pipe Line Company for the year ended December 31, 1993 and the unaudited
financial statements for the nine month period ended September 30, 1994. The
following unaudited pro forma financial statements have been compiled as if
Kaneb acquired the pipeline assets of the West Pipeline on the date of the
balance sheet or as of the beginning of the period for income statement
purposes. The unaudited pro forma financial statements should be read in
conjunction with the notes accompanying such unaudited pro forma financial
statements and with the audited historical financial statements and related
notes of Kaneb and Wyco Pipe Line Company.
The unaudited pro forma financial statements may not be indicative of the
results that would have occurred if Kaneb had acquired the pipeline assets of
the West Pipeline on the dates indicated or which will be obtained in the
future.
<PAGE>
KANEB PIPE LINE PARTNERS, L.P.
PRO FORMA STATEMENTS OF INCOME
YEAR ENDED DECEMBER 31, 1993
(In Thousands, except per unit amounts)
(Unaudited)
<TABLE>
<CAPTION>
West
Partnership Pipeline Acquisition Pro
Historical Historical Adjustments Forma
-------------- ------------- -------------- -----------
<S> <C> <C> <C> <C>
Revenues $ 69,235 $ 16,602 $ (5,006) (a) $ 80,831
----------- ----------- ----------- ------------
Costs and expenses:
Operating Costs 29,012 5,839 34,851
Depreciation and Amortization 6,135 841 (137) (b) 6,839
General and administrative 4,673 664 - 5,337
----------- ----------- ----------- ------------
Total costs and expenses 39,820 7,344 (137) 47,027
----------- ----------- ----------- ------------
Operating income 29,415 9,258 (4,869) 33,804
Interest and other income 1,331 172 - 1,503
Interest expense (3,376) (13) (2,247) (c) (5,636)
Minority interest in net income (266) - (23) (d) (289)
Income taxes (450) (3,335) 3,335 (e) (450)
----------- ----------- ----------- ------------
Net income $ 26,654 $ 6,082 $ (3,804) $ 28,932
=========== =========== =========== ============
Allocation of net income per Senior Preference Unit $ 2.20 $ 2.20
=========== ============
</TABLE>
<PAGE>
KANEB PIPE LINE PARTNERS, L.P.
PRO FORMA STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1994
(In Thousands, except per unit amounts)
(Unaudited)
<TABLE>
<CAPTION>
West
Partnership Pipeline Acquisition Pro
Historical Historical Adjustments Forma
-------------- ------------ ------------- -----------
<S> <C> <C> <C> <C>
Revenues $ 57,925 $ 9,461 $ - $ 67,386
-------------- ------------ ------------- -----------
Costs and expenses:
Operating costs 24,504 3,438 - 27,942
Depreciation 5,366 629 (101) (b) 5,894
General and administrative 3,631 909 - 4,540
-------------- ------------ ------------- -----------
Total costs and expenses 33,501 4,976 (101) 38,376
-------------- ------------ ------------- -----------
Operating income 24,424 4,485 101 29,010
Interest and other income 926 583 - 1,509
Interest expense (2,654) - (1,695) (c) (4,349)
Minority interest in net income (217) - (35) (d) (252)
Income taxes (744) (1,965) 1,965 (e) (744)
-------------- ------------ ------------- -----------
Net income $ 21,735 $ 3,103 $ 336 $ 25,174
============== ============ ============= ===========
Allocation of net income per Senior Preference Unit $ 1.65 $ 1.65
============== ===========
</TABLE>
<PAGE>
KANEB PIPE LINE PARTNERS, L.P.
PRO FORMA BALANCE SHEETS
SEPTEMBER 30, 1994
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Partnership Acquisition Pro
Historical Adjustments Forma
----------------- -------------- ----------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash $ 7,142 $ 2,047 (f) $ 9,189
Current portion of receivable from
general partner 4,974 - 4,974
Accounts receivable 2,166 - 2,166
Prepaid expenses 2,331 - 2,331
-------------- ------------- ----------
Total current assets 16,613 2,047 18,660
-------------- ------------- ----------
Receivable from general partner 4,133 - 4,133
-------------- ------------- ----------
Property and equiptment, net 144,289 28,161 (a) 172,450
-------------- ------------- ----------
$ 165,035 $ 30,208 $ 195,243
============== ============= ==========
LIABILITIES AND CAPITAL
Current Liabilities:
Current portion of long-term debt $ 1,496 $ - $ 1,496
Accounts payable, accrued expenses
and distributions payable 14,042 1,296 (g) 15,338
Deferred terminating fees 1,658 - 1,658
Payable to general partner 1,035 - 1,035
-------------- ------------- ----------
Total current liabilities 18,231 1,296 19,527
-------------- ------------- ----------
Long-term debt, less current portion 44,022 27,000 (h) 71,022
-------------- ------------- ----------
Other liabilities 1,631 1,912 (i) 3,543
-------------- ------------- ----------
Minority interest 996 - 996
-------------- ------------- ----------
Capital 100,155 - 100,155
-------------- ------------- ----------
$ 165,035 $ 30,208 $ 195,243
============== ============= ==========
</TABLE>
<PAGE>
Kaneb Pipe Line Partners, L. P.
Notes to Pro Forma Financial Statements
(a) Represents the preliminary allocation of the estimated fair market value of
the acquired assets and elimination of the historical gain on an asset sale
in 1993, however, the internal valuation of the assets is not complete as
of the date of this filing.
(b) Represents adjustments to the depreciation and amortization of the
acquired assets.
(c) Represents interest expense on $27 million of acquisition debt at
8.37% per annum.
(d) Represents the General Partner's 1% general partner interest in Kaneb
Operating Partnership, L.P.
(e) Represents elimination of corporate income taxes as the acquired
operations will be taxed as a partnership.
(f) Represents cash received from seller to settle liabilities acquired.
(g) Represents liabilities assumed and accrued acquisition costs.
(h) Represents the issuance of $27 million of long-term debt, incurred in
connection with the acquisition of the West Pipeline.
(i) Represents liabilities assumed in connection with the acquisition.
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