Exhibit 25.1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM T-1
STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)
-------------------------------------------------------
U.S. BANK NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
31-0841368
I.R.S. Employer Identification No.
800 Nicollet Mall
Minneapolis, Minnesota 55402
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Frank Leslie
U.S. Bank National Association
60 Livingston Avenue
St. Paul, MN 55107
(651) 495-3913
(Name, address and telephone number of agent for service)
Diamond Jo, LLC.
Peninsula Gaming, LLC
Peninsula Gaming Corp.
(Issuer with respect to the Securities)
Delaware 42-1483875
Delaware 20-0800583
Delaware 25-1902805
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
P.O. Box 90270
Lafayette, Louisiana 70509-0270
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
8.75% SENIOR SECURED NOTES DUE 2012
(TITLE OF THE INDENTURE SECURITIES)
FORM T-1
ITEM 12. GENERAL INFORMATION. Furnish the following information as to the
Trustee.
a) Name and address of each examining or supervising authority to
which it is subject.
Comptroller of the Currency
Washington, D.C.
b) Whether it is authorized to exercise corporate trust powers.
Yes
ITEM 2. AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the
Trustee, describe each such affiliation.
None
ITEMS 3-15 Items 3-15 are not applicable because to the best of the Trustee's
knowledge, the obligor is not in default under any Indenture for
which the Trustee acts as Trustee.
ITEM 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this
statement of eligibility and qualification.
1. A copy of the Articles of Association of the Trustee.*
2. A copy of the certificate of authority of the Trustee to
commence business.*
3. A copy of the certificate of authority of the Trustee to
exercise corporate trust powers.*
4. A copy of the existing bylaws of the Trustee.*
5. A copy of each Indenture referred to in Item 4. Not
applicable.
6. The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939, attached as Exhibit 6.
7. Report of Condition of the Trustee as of March 31, 2004,
published pursuant to law or the requirements of its
supervising or examining authority, attached as Exhibit 7.
* Incorporated by reference to Registration Number 333-67188.
2
NOTE
The answers to this statement insofar as such answers relate to what
persons have been underwriters for any securities of the obligors within three
years prior to the date of filing this statement, or what persons are owners of
10% or more of the voting securities of the obligors, or affiliates, are based
upon information furnished to the Trustee by the obligors. While the Trustee has
no reason to doubt the accuracy of any such information, it cannot accept any
responsibility therefor.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking
association organized and existing under the laws of the United States of
America, 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 St. Paul, State of Minnesota on the 13th of July, 2004.
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Frank P. Leslie III
------------------------------------
Frank P. Leslie III
Vice President
By: /s/ Richard H. Prokosch
------------------------------
Richard H. Prokosch
Vice President
3
EXHIBIT 6
CONSENT
In accordance with Section 321(b) of the Trust Indenture Act of 1939, the
undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of
examination of the undersigned by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange
Commission upon its request therefor.
Dated: July 13, 2004
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Frank P. Leslie III
------------------------------------
Frank P. Leslie III
Vice President
By: /s/ Richard H. Prokosch
------------------------------
Richard H. Prokosch
Vice President
4
EXHIBIT 7
U.S. BANK NATIONAL ASSOCIATION
STATEMENT OF FINANCIAL CONDITION
AS OF 3/31/2004
($000'S)
3/31/2004
---------
ASSETS
Cash and Due From Depository Institutions $ 7,180,778
Federal Reserve Stock 0
Securities 45,038,794
Federal Funds 2,593,702
Loans & Lease Financing Receivables 116,474,594
Fixed Assets 1,789,213
Intangible Assets 10,532,022
Other Assets 7,996,466
------------
TOTAL ASSETS $191,605,569
LIABILITIES
Deposits $126,605,087
Fed Funds 5,698,785
Treasury Demand Notes 3,981,328
Trading Liabilities 252,912
Other Borrowed Money 23,295,560
Acceptances 148,067
Subordinated Notes and Debentures 5,807,310
Other Liabilities 5,587,914
------------
TOTAL LIABILITIES $171,376,963
EQUITY
Minority Interest in Subsidiaries $ 1,005,645
Common and Preferred Stock 18,200
Surplus 11,677,397
Undivided Profits 7,527,364
------------
TOTAL EQUITY CAPITAL $ 20,228,606
TOTAL LIABILITIES AND EQUITY CAPITAL $191,605,569
- --------------------------------------------------------------------------------
To the best of the undersigned's determination, as of the date hereof, the above
financial information is true and correct.
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Frank P. Leslie III
----------------------------------
Vice President
Date: June 13, 2004
5