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EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM T-1
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STATEMENT OF ELIGIBILITY AND QUALIFICATION
UNDER THE TRUST INDENTURE ACT FOR 1939, AS AMENDED,
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
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FIRST UNION NATIONAL BANK
(Exact name of Trustee as specified in its charter)
000 XXXXX XXXXX XXXXXX, 0XX XXXXX
XXXXXXXXX, XXXXX XXXXXXXX 00000-0000 00-0000000
(Address of principal executive office) (Zip Code) (I.R.S. Employer
Identification No.)
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OUTDOOR COMMUNICATIONS, INC.
Delaware 00-0000000
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
OCI (N) CORP.
Delaware 00-0000000
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
OCI (S) CORP.
Mississippi 00-0000000
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
(Exact name of obligor as specified in its charter)
000 Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxxx 00000
(Address of principal executive offices)(Zip Code)
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% Senior Subordinated Notes due 2007
(Title of the indenture securities)
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1. GENERAL INFORMATION.
(a) The following are the names and addresses of each examining or supervising
authority to which the Trustee is subject:
Board of Governors of the Federal Reserve SystemWashington, DC
The Comptroller of the CurrencyWashington, D.C.
Securities and Exchange Commission,
Division of Market RegulationWashington, D.C.
Federal Deposit Insurance Corporation Washington, D.C.
(b) The Trustee is authorized to exercise corporate trust powers.
2. AFFILIATIONS WITH OBLIGOR.
The obligor is not an affiliate of the Trustee.
(See Note 1 on Page 4)
3. VOTING SECURITIES OF THE TRUSTEE.
The following information is furnished as to each class of voting securities of
the Trustee:
As of July 1, 1997
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Column A Column B
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Title of ClassAmount Outstanding
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Common Stock, par value $3.33-1/3 a share 278,196,706 shares
4. TRUSTEESHIPS UNDER OTHER INDENTURES.
The Trustee is not a trustee under another indenture under which any other
securities, or certificates of interest or participation in any other
securities, of the obligor are outstanding.
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.
Neither the Trustee nor any of the directors or executive officers of the
Trustee is a director, officer, partner, employee, appointee or representative
of the obligor or of any underwriter for the obligor.
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.
The amount of voting securities of First Union Corporation, the parent of the
trustee owned, beneficially by the obligor and its directors, partners,
executive officers, taken as a group, do not exceed one (1) percent of the
outstanding voting securities of First Union Corporation.
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS.
The amount of voting securities of First Union Corporation, the parent of the
Trustee, owned beneficially by any underwriter for the obligor and its
directors, partners, and executive officers, taken as a group, do not exceed
one(1) percent of the outstanding voting securities of First Union Corporation.
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
The trustee does not own beneficially or hold as collateral security for
obligations in default any securities of any class of the obligor in excess of
one (1) percent of the outstanding securities of such class.
2
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
The trustee does not own beneficially or hold as collateral security for
obligations in default any securities of an underwriter for the obligor in
excess of one (1) percent of the outstanding securities of such class.
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
The Trustee does not own beneficially or hold as collateral security for
obligations in default any voting securities of any class of a person who, to
the knowledge of the Trustee (1) owns 10% or more of the voting securities of
the obligor or (2) is an affiliate, other than a subsidiary, of the obligor, in
excess of one (1) percent of the outstanding voting securities of such class.
11. OWNERSHIP OF HOLDERS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON OWNING 50
PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.
The Trustee does not own beneficially or hold as collateral security for
obligations in default any securities of any class of a person who, to the
knowledge of Trustee, owns 50% or more of the voting securities of the obligor,
in excess of one (1) percent of the outstanding securities of such class.
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
$9,857,142 revolving line of credit to obligor maturing September 2003 and
secured by stock and other assets.
Term Loan A in the amount of $5,142,857 maturing September 2003 and
Term Loan B in the amount of $6,571,428 maturing September 2003.
13. DEFAULTS BY THE OBLIGOR.
Not applicable.
14. AFFILIATIONS WITH THE UNDERWRITERS.
No underwriter is an affiliate of the Trustee.
15. FOREIGN TRUSTEE.
Not applicable.
16. LIST OF EXHIBITS.
(1) Articles of Association of the Trustee as now in effect. Incorporated in
Exhibit (1) filed with Form T-1 Statement included in Registration Statement No.
33-45946.
(2) Certificate of Authority of the Trustee to commence business. Incorporated
by reference in Exhibit (2) filed with Form T-1 Statement included in
Registration Statement No. 33-45946.
(3) Authorization of the Trustee to exercise corporate trust powers, if such
authorization is not contained in the documents specified in exhibits (1) and
(2) above. Included at Page 6 of this Form T-1 Statement.
(4) By-Laws of the Trustee. Incorporated by reference in Exhibit (4) filed with
Form T-1 Statement included in Registration Statement No. 33-45946.
(5) Not applicable.
(6) Consent by the Trustee required by Section 321(b) of the Trust Indenture Act
of 1939. Included at Page 5 of this Form T-1 Statement.
(7) Report of condition of Trustee.
(8) Not applicable.
(9) Not applicable.
3
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NOTES
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1. Since the trustee is a member of First Union Corporation, a bank holding
company, all of the voting securities of the trustee are held by First Union
Corporation. The securities of First Union Corporation are described in Item
3.
4
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, FIRST UNION NATIONAL BANK, a national banking
organization, has duly caused this statement of eligibility and qualification to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of Charlotte, and State of North Carolina on the 14th day of July,
1997.
FIRST UNION NATIONAL BANK
(Trustee)
BY: /s/ Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx, Assistant Vice President
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EXHIBIT T-1 (6)
CONSENTS OF TRUSTEE
Pursuant to the requirements of section 321(b) of the Trust Indenture Act of
1939 and in connection with the proposed issuance by Outdoor Communications Inc.
of its % Senior Subordinate Notes due 2007, First Union National Bank, as the
Trustee herein named, hereby consents that reports of examinations of said
Trustee by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon requests
therefor.
FIRST UNION NATIONAL BANK
BY: /s/ Xxxxxx X. Xxxx Xxxxxx X. Xxxx, Vice President
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Dated: July 14, 1997
5
EXHIBIT T-1 (3)
EXTRACT FROM THE BY-LAW OF
FIRST UNION NATIONAL BANK OF NORTH CAROLINA
SECTION 8.2. Execution of Instruments. All agreements, indentures,
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mortgages, deeds, conveyances, transfers, certificates, declarations, receipts,
discharges, releases, satisfactions, settlements, petitions, schedules,
accounts, affidavits, bonds, undertakings, proxies, and other instruments or
documents may be signed, executed, acknowledged, verified, delivered or accepted
in behalf of the Association by the Chairman of the Board, or the President, or
any Vice Chairman of the Board, any Vice president or Assistant Vice President,
or the Secretary or Assistant Secretary, Cashier, or Assistant Cashier, or, if
in connection with the exercise of fiduciary powers of the Association, by any
of said officers or by any Trust Officer or Assistant Trust Office; provided,
however, that where required, any such instruments may also be executed,
acknowledge, verified, delivered, or accepted in behalf of The Association in
such other manner and by such other officers as the Board of Directors may from
time to time direct. the provisions of this Section 8.2 are supplementary to any
other provision of these By Laws.
I HEREBY CERTIFY THAT THE forgoing is a true and complete extract from the By-
Laws of First Union National Bank, a national banking association, now in full
force and affect.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of
said Association on July 14, 1997.
/s/ Xxxxx X. Xxxxxxxx
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Assistant Secretary
6
Call Date: 3/31/97 ST-BK: 37-0351 FFIEC 031
Page RC-1
Legal Title of Bank: First Union National Bank of NC
Address: Two First Union Center
City, State, Zip: Xxxxxxxxx, XX 00000-0000
FDIC Certificate No.: 0 4 8 8 5
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Consolidated Report of Condition for Insured Commercial
United State-Chartered Savings Banks for March 31, 1997
schedules are to be reported in thousands of dollars. Unless otherwise
indicated, the amount outstanding as of the last business day of the quarter.
Schedule RC--Balance Sheet
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C400
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Dollar Amounts in Thousands RCFD Bil Mil Thou
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ASSETS //////////////////
Cash and balances due from depository institutions (from Schedule RC-A): //////////////////
a. Noninterest-bearing balances and currency and coin(1)....................................... 0081 2,003,276 1.a.
b. Interest-bearing balances(2)................................................................ 0071 297,579 1.b.
Securities: //////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A).................................. 1754 569,806 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D)................................ 1773 1,641,071 2.b.
Federal funds sold and securities purchased under agreements to resell......................... 1350 2,536,841 3.
Loans and lease financing receivables: ------------------------------- //////////////////
a. Loans and leases, net of unearned income (from Schedule RC-C) RCFD 2122 22,332,077 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses.................... RCFD 3123 174,675 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve........................ RCFD 3128 0 ////////////////// 4.c.
d. Loans and leases, net of unearned income, ------------------------------- //////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c)......................................... 2125 22,157,402 4.d.
Trading assets (from Schedule RC-D)............................................................ 3545 2,112,168 5.
Premises and fixed assets (including capitalized leases)....................................... 2145 858,917 6.
Other real estate owned (from Schedule RC-M)................................................... 2150 7,718 7.
Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)....... 2130 18,614 8.
Customers' liability to this bank on acceptances outstanding................................... 2155 403,090 9.
Intangible assets (from Schedule RC-M)......................................................... 2143 346,564 10.
Other assets (from Schedule RC-F).............................................................. 2160 2,301,064 11.
Total assets (sum of items 1 through 11)....................................................... 2170 35,254,110 12.
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Includes cash items in process of collection and unposted debits.
Includes time certificates of deposit not held for trading.
Legal Title of Bank: First Union National Bank of NC Call Date: 3/31/97 ST-BK; 37-0351 FFIET
Address: Two First Union Center Page :
City, State Zip: Xxxxxxxxx, XX 00000-0000
FDIC Certificate No.: /0/4/8/8/5/
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Schedule RC -- Continued
Dollar Amounts in Thousands /////////// Bil Mil Thou
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LIABILITIES //////////////////////////
13. Deposits: //////////////////////////
a. In domestic offices (sum of totals of columns A and C fro Schedule RC-E. //////////////////////////
part I)................................................................................... RCON 2200 12,901,568 13.a.
(1) Noninterest-bearing (1)..................................... RCON 6631 4,616,676 ////////////////////////// 13.a
(2) Interest-bearing (1)........................................ RCON 6636 8,284,892 ////////////////////////// 13.a
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC-E. //////////////////////////
part II).................................................................................. RCFN 2200 7,149,255 13.b.
(1) Noninterest-bearing......................................... RCFN 6631 0 ////////////////////////// 13.b.
(2) Interest-bearing............................................ RCFN 6636 7,149,255 ////////////////////////// 13.b.
14. Federal funds purchased and securities sold under agreements to repurchase................... RCFD 2800 6,274,314 14.
15. a. Demand notes issued to the U.S. Treasury.................................................. RCON 2840 115,931 15.a.
b. Trading liabilities (from Schedule RC-D).................................................. RCFD 3548 2,201,346 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under //////////////////////////
capitalized leases): //////////////////////////
a. With a remaining maturity of one year or less............................................. RCFD 2332 1,754,025 16.a.
b. With a remaining maturity of more than one year........................................... RCFD 2333 416,761 16.b.
17. Not applicable //////////////////////////
18. Bank's liability on acceptance executed and outstanding...................................... RCFD 2920 403,090 18.
19. Subordinated notes and debentures (2)........................................................ RCFD 3200 925,000 19.
20. Other liabilities (from Schedule RC-G) ...................................................... RCFD 2930 808,495 20.
21. Total liabilities (sum of items 13 through 20)............................................... RCFD 2948 32,949,785 21.
22. Not applicable //////////////////////////
EQUITY CAPITAL //////////////////////////
23. Perpetual preferred stock and related surplus................................................ RCFD 3838 0 23.
24. Common stock................................................................................. RCFD 3230 82,795 24.
25. Surplus (exclude all surplus related to preferred stock)..................................... RCFD 3839 763,989 25.
26. a. Undivided profits and capital reserves.................................................... RCFD 3632 1,468,980 26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities.................... RCFD 8434 (11,439) 26.b.
27. Cumulative foreign currency translation adjustments.......................................... RCFD 3284 0 27.
28. Total equity capital (sum of items 23 through 27)............................................ RCFD 3210 2,304,325 28.
29. Total liabilities, limited-life preferred stock, and equity capital (sum of items 21 //////////////////////////
and 28)...................................................................................... RCFD 3300 35,254,110 29.
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Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that best describes the Number
most comprehensive level of auditing work performed for the bank by independent external ---------------
auditors as of any date during 1996................................................................. RCFD 6724 2 M.I.
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1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which submits
a report on the bank
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified public
accounting firm which submits a report on the consolidated holding company (but
not on the bank separately)
3 = Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)
4 = Directors' examination of the bank performed by other external auditors (may
be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
