UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 3, 2001
KANEB PIPE LINE PARTNERS, L.P.
(Exact name of registrant as specified in charter)
Delaware 001-5083 75-2287571
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
2435 North Central Expressway
Richardson, Texas 75080
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (972) 699-4000
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Item 2. Acquisition or Disposition of Assets.
On January 3, 2001, the Registrant completed the acquisition of Shore
Terminals LLC. Shore Terminals owns seven terminals, four in California (three
in the San Francisco Bay area and one in Los Angeles) and one each in Tacoma,
Washington, Portland, Oregon and Reno, Nevada, with a total tankage capacity of
7.8 million barrels. All of the terminals handle petroleum products and, with
the exception of the Nevada terminal, have deep water access. The purchase price
was approximately $107,000,000 in cash and 1,975,000 units of limited
partnership interest of the Registrant. The acquisition, which will become a
part of the ST Services terminaling operations of the Registrant, will
significantly increase ST Services' presence on the West Coast.
Financing for the cash portion of the purchase price was supplied under
a new $275,000,000 unsecured revolving credit with a bank group headed by
SunTrust Bank. Prior to closing the Shore transaction, proceeds from the
facility were used to repay all of the Registrant's existing domestic bank debt
and private placement notes, resulting in the release of all security interests
in the Registrant's property.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
10.1 Securities Purchase Agreement Among Shore Terminals LLC, Kaneb
Pipe Line Partners, L.P. and the Sellers Named Therein, dated as
of September 22, 2000.
10.2 Amendment No. 1 To Securities Purchase Agreement, dated as of
November 28, 2000.
10.3 Registration Rights Agreement, dated as of January 3, 2001.
SIGNATURES
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 hereunto duly authorized.
Dated: January _____, 2001 KANEB PIPE LINE PARTNERS, L.P.
By: KANEB PIPE LINE COMPANY, General Partner
By: Ronald D. Scoggins, Sr Vice President
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INDEX TO EXHIBITS
Number Exhibit
10.1 Securities Purchase Agreement Among Shore Terminals LLC, Kaneb
Pipe Line Partners, L.P. and The Sellers Named Therein, dated
as of September 22, 2000.
10.2 Amendment No. 1 To Securities Purchase Agreement, dated as of
November 28, 2000.
10.3 Registration Rights Agreement, dated as of January 3, 2001.
