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: August 11, 1999
PRIDE COMPANIES, L.P.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of Incorporation or Organization)
1-10473 75-2313597
(Commission file number) (I.R.S. Employer Identification No.)
1209 North Fourth
Abilene, Texas 79601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (915) 674-8000
Item 5. Other Events
On August 4, 1999, the Partnership announced the execution of a
purchase and sale contract wherein the Partnership will sell its crude
gathering business assets to Sun Pipe Line Services Co., Inc. ("Sun"),
a subsidiary of Sunoco, Inc. The purchase price is $26.0 million plus
the market price of the Partnership's crude oil inventory at closing,
to be reduced by certain indebtedness assumed in the transaction in
the approximate amount of $5.3 million. The sale is subject to
completion of due diligence beginning on the date of execution of the
contract. The Partnership expects the transaction to close on
October 1, 1999.
The transaction is expected to result in a taxable gain to the
Partnership which would result in taxable income being allocated to
unitholders. The proceeds from the sale will be used primarily to
reduce outstanding debt and none of the proceeds will be available for
distributions to unitholders.
The Partnership will continue to operate its refined products
marketing business through its Abilene, Aledo and San Angelo
terminals.
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.
PRIDE COMPANIES, L.P.
By: /GEORGE PERCIVAL/
George Percival
Principal Financial Officer
Date: August 11, 1999
