SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of
1934
Date of Report: March 13, 1998
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Commission File Number 0-12058
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KENAN TRANSPORT COMPANY
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(Exact name of registrant as specified in its charter)
North Carolina 56-0516485
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
University Square - West, 143 W. Franklin Street
Chapel Hill, North Carolina, 27516-3910
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(Address of principal executive offices, including Zip Code)
(919) 967-8221
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(Registrant's telephone number, including Area Code)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Effective February 28, 1998, Kenan Transport Company (the
'Registrant') closed its previously announced agreements with
CITGO Petroleum Corporation ("CITGO") to acquire 100% of the
outstanding stock of Petro-Chemical Transport, Inc. ("PCT"), a
wholly owned subsidiary of CITGO, for $7,500,000 in cash.
PCT transports petroleum products in the Southeast, East,
Midwest and on the West Coast. Its transportation assets
include 125 tractors and 175 tank trailers that will be used in
a similar capacity in the Registrant's business. PCT employs
390 people throughout its operating area.
The purchase price was determined in arms-length
negotiations between the parties. The acquisition was financed
through the Registrant's line of credit with First Union
National Bank.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial Statements.
As of the date of the filing of this Current Report
on Form 8-K, it is impracticable for the Registrant to
provide the financial statements required by this Item
7(a). In accordance with Item 7(a) of Form 8-K, such
financial statements shall be filed by amendment to this
Form 8-K no later than 60 days after March 15, 1998.
(b) Pro Forma Financial Information.
As of the date of the filing of this Current Report
on Form 8-K, it is impracticable for the Registrant to
provide the financial statements required by this Item
7(b). In accordance with Item 7(b) of Form 8-K, such
financial statements shall be filed by amendment to this
Form 8-K no later than 60 days after March 15, 1998.
(c) Exhibits.
The Exhibits to this Report are listed in the Index
to Exhibits set forth elsewhere herein.
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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 thereunto duly authorized.
KENAN TRANSPORT COMPANY
(Registrant)
DATE: March 13, 1998 BY: /s/ William L. Boone
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Vice President-Finance and
Chief Financial Officer
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INDEX TO EXHIBITS
The exhibits filed as part of this report are listed below:
Exhibit
Number Description
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2 Stock Purchase and Sale Agreement between CITGO Petroleum
Corporation, Petro-Chemical Transport, Inc. and the
Registrant dated February 18, 1998.
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