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) -----
-----------------------
FIRST UNION NATIONAL BANK OF VIRGINIA
(Exact name of Trustee as specified in its charter)
213 SOUTH JEFFERSON STREET
ROANOKE, VIRGINIA 24011 54-0211320
(Address of principal executive (Zip Code) (I.R.S. Employer
offices) Identification No.)
Dante M. Monakil, (804) 788-9659
901 E. Cary Street, Richmond, Virginia 23219
(Name, address and telephone number of agent for service)
-----------------------
HEILIG-MEYERS COMPANY MACSAVER FINANCIAL
(Exact name of obligor as specified in its charter) SERVICES, INC.
(Exact name of obligor as specified in its charter)
VIRGINIA DELAWARE
(State or other jurisdiction of incorporation or organization) (State or other jurisdiction of incorporation or organization)
54-0558861 62-1419691
(I.R.S. Employer Identification No.) (I.R.S. Employer Identification No.)
2235 STAPLES MILL ROAD 2 READS WAY, SUITE 224
RICHMOND, VA NEW CASTLE, DE
(Address of principal executive offices) (Address of principal executive offices)
24112 19720
(Zip Code) (Zip Code)
MACSAVER FINANCIAL SERVICES, INC.
(A SUBSIDIARY OF HEILIG-MEYERS COMPANY)
Senior Debt Securities
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
1. GENERAL INFORMATION.
(a) The following are the names and addresses of each examining or
supervising authority to which the Trustee is subject:
The Comptroller of the Currency, Washington, D.C.
Federal Reserve Bank of Richmond, Richmond, Virginia.
Federal Deposit Insurance Corporation, Washington, D.C.
Securities and Exchange Commission, Division of Market Regulation,
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.
3. VOTING SECURITIES OF THE TRUSTEE.
Not applicable
(See answer to Item 13)
4. TRUSTEESHIPS UNDER OTHER INDENTURES.
Not applicable
(See answer to Item 13)
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.
Not applicable
(See answer to Item 13)
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.
Not applicable
(See answer to Item 13)
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS.
Not applicable
(See answer to Item 13)
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
Not applicable
(See answer to Item 13)
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
Not applicable
(See answer to Item 13)
2
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
Not applicable
(See answer to Item 13)
11. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON OWNING 50
PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.
Not applicable
(See answer to Item 13)
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
Not applicable
(See answer to Item 13)
13. DEFAULTS BY THE OBLIGOR.
A. None
B. None
14. AFFILIATIONS WITH THE UNDERWRITERS.
Not applicable
(See answer to Item 13)
15. FOREIGN TRUSTEE.
Trustee is a national banking association organized under the laws of
the United States.
16. LIST OF EXHIBITS.
(1) Articles of Incorporation. (Incorporated by reference from
Exhibit 25 to Registration 33-57401, filed January 25, 1995.)
(2) Certificate of Authority of the Trustee to conduct business.
(Incorporated by reference from Exhibit 25 to Registration
33-57401, filed January 25, 1995.)
(3) Certificate of Authority of the Trustee to exercise corporate
trust powers. (Incorporated by reference from Exhibit 25 to
Registration 33-57401, filed January 25, 1995.)
(4) By-laws. (Incorporated by reference from Exhibit 25 to
Registration 33-57401, filed January 25, 1995.)
(5) Inapplicable.
(6) Consent by the Trustee required by Section 321(b) of the Trustee
Indenture Act of 1939. Included at Page 4 of this Form T-1
Statement.
(7) Report of condition of Trustee.
(8) Inapplicable.
(9) Inapplicable.
3
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, FIRST UNION NATIONAL BANK OF VIRGINIA, a national
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
Richmond, and Commonwealth of Virginia on the 19th day of June, 1997.
FIRST UNION NATIONAL BANK OF VIRGINIA
(Trustee)
BY: /s/ DANTE M. MONAKIL
--------------------------------
Dante M. Monakil, Vice President
EXHIBIT T-1 (6)
CONSENT OF TRUSTEE
Under section 321(b) of the Trust Indenture Act of 1939 and in connection
with the proposed issuance by MacSaver Financial Services, Inc., of its
Senior Securities, First Union National Bank of Virginia, 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 request therefor.
FIRST UNION NATIONAL BANK OF VIRGINIA
BY: /s/ JOHN M. TURNER
----------------------------------
John M. Turner, Vice President and
Managing Director
Dated: June 24, 1997
4
EXHIBIT T-1 (7)
Consolidated Report of Income
for the period January 1, 1997-March 31, 1997
All Report of Income schedules are to be reported on a calendar year-to-date
basis in thousands of dollars.
Schedule RI--Income Statement
I380
Dollar Amounts in Thousands RIAD Bil Mil Thou
- ----------------------------------------------------------------------------------------------------------------------
1. Interest income: //////////////////
a. Interest and fee income on loans: //////////////////
(1) Loans secured by real estate ........................................................ 4011 89,558 1.a.(1)
(2) Loans to finance agricultural production and other loans to farmers ................. 4024 1,191 1.a.(2)
(3) Commercial and industrial loans ..................................................... 4012 19,833 1.a.(3)
(4) Loans to individuals for household, family, and other personal expenditures: //////////////////
(a) Credit cards and related plans ................................................. 4054 225 1.a.(4)(a)
(b) Other .......................................................................... 4055 22,807 1.a.(4)(b)
(5) Loans to foreign governments and official institutions .............................. 4056 0 1.a.(5)
(6) Obligations (other than securities and leases) of states and political subdivisions //////////////////
in the U.S.: //////////////////
(a) Taxable obligations ............................................................ 4503 0 1.a.(6)(a)
(b) Tax-exempt obligations ......................................................... 4504 2,001 1.a.(6)(b)
(7) All other loans ..................................................................... 4058 1,237 1.a.(7)
b. Income from lease financing receivables: //////////////////
(1) Taxable leases ...................................................................... 4505 1,949 1.b.(1)
(2) Tax-exempt leases ................................................................... 4307 718 1.b.(2)
c. Interest income on balances due from depository institutions(1) .......................... 4115 779 1.c.
d. Interest and dividend income on securities: //////////////////
(1) U.S. Treasury securities and U.S. Government agency obligations ..................... 4027 34,826 1.d.(1)
(2) Securities issued by states and political subdivisions in the U.S.: //////////////////
(a) Taxable securities ............................................................. 4506 0 1.d.(2)(a)
(b) Tax-exempt securities .......................................................... 4507 14 1.d.(2)(b)
(3) Other domestic debt securities ...................................................... 3657 1,386 1.d.(3)
(4) Foreign debt securities ............................................................. 3658 2,724 1.d.(4)
(5) Equity securities (including investments in mutual funds) ........................... 3659 1,227 1.d.(5)
e. Interest income from trading assets ...................................................... 4069 0 1.e.
f. Interest income on federal funds sold and securities purchased under agreements to resell. 4020 505 1.f.
g. Total interest income (sum of items 1.a. through 1.f.) ................................... 4107 180,980 1.g.
- ----------
1) Includes interest income on time certificates of deposit not held for
trading.
Schedule RI--Continued
Year-to-date
Dollar Amounts in Thousands RIAD Bil Mil Thou
- -----------------------------------------------------------------------------------------------------
2. Interest expense: //////////////////
a. Interest on deposits: //////////////////
(1) Transaction account (NOW accounts, ATS accounts, and //////////////////
telephone and preauthorized transfer accounts) ................... 4508 2,546 2.a.(1)
(2) Nontransaction accounts: //////////////////
(a) Money market deposit accounts (MMDAs) ....................... 4509 20,369 2.a.(2)(a)
(b) Other savings deposits ...................................... 4511 3,034 2.a.(2)(b)
(c) Time deposits of $100,000 or more ........................... A517 3,930 2.a.(2)(c)
(d) Time deposits of less than $100,000 ......................... A518 24,068 2.a.(2)(d)
b. Expense of federal funds purchased and securities sold under //////////////////
agreements to repurchase .............................................. 4180 26,002 2.b.
c. Interest on demand notes issued to the U.S. Treasury, trading //////////////////
liabilities, and other borrowed money ................................. 4185 6,884 2.c.
d. Not applicable //////////////////
e. Interest on subordinated notes and debentures ......................... 4200 2,587 2.e.
f. Total interest expense (sum of items 2.a through 2.e) ................. 4073 89,420 2.f.
----------------------
3. Net interest income (item 1.g minus 2.f) .................................. ////////////////// RIAD 4074 91,560 3.
----------------------
4. Provisions: //////////////////
----------------------
a. Provision for loan and lease losses ................................... ////////////////// RIAD 4230 (15) 4.a.
b. Provision for allocated transfer risk ................................. ////////////////// RIAD 4243 0 4.b.
----------------------
5. Noninterest income: //////////////////
a. Income from fiduciary activities ...................................... 4070 5,838 5.a.
b. Service charges on deposit accounts ................................... 4080 14,136 5.b.
c. Trading revenue (must equal Schedule RI, sum of Memorandum //////////////////
items 8.a. through 8.d.) .............................................. A220 0 5.c.
d.-e. Not applicable //////////////////
f. Other noninterest income: //////////////////
(1) Other fee income .................................................. 5407 12,528 5.f.(1)
(2) All other noninterest income* ..................................... 5408 10,244 5.f.(2)
----------------------
g. Total noninterest income (sum of items 5.a through 5.f) ............... ////////////////// RIAD 4079 42,746 5.g.
6. a. Realized gains (losses) on held-to-maturity securities ................ ////////////////// RIAD 3521 2 6.a.
b. Realized gains (losses) on available-for-sale securities .............. ////////////////// RIAD 3196 (1,529) 6.b.
----------------------
7. Noninterest expense: //////////////////
a. Salaries and employee benefits ........................................ 4135 33,740 7.a.
b. Expenses of premises and fixed assets (net of rental income) //////////////////
(excluding salaries and employee benefits and mortgage interest) ...... 4217 11,794 7.b.
c. Other noninterest expense* ............................................ 4092 31,199 7.c.
----------------------
d. Total noninterest expense (sum of items 7.a through 7.c) .............. ////////////////// RIAD 4093 76,733 7.d.
----------------------
8. Income (loss) before income taxes and extraordinary items and other //////////////////
----------------------
adjustments (item 3 plus or minus items 4.a, 4.b, 5.g, 6.a, 6.b, and 7.d) . ////////////////// RIAD 4301 56,061 8.
9. Applicable income taxes (on item 8) ....................................... ////////////////// RIAD 4302 16,877 9.
----------------------
10. Income (loss) before extraordinary items and other adjustments (item 8 //////////////////
----------------------
minus 9) .................................................................. ////////////////// RIAD 4300 39,184 10.
11. Extraordinary items and other adjustments, net of income taxes * .......... ////////////////// RIAD 4320 0 11.
12. Net income (loss) (sum of items 10 and 11) ................................ ////////////////// RIAD 4340 39,184 12.
----------------------
- ----------
*Describe on Schedule RI-E--Explanations.
4
Schedule RI--Continued
I381
Memoranda Year-to-date
Dollar Amounts in Thousands RIAD Bil Mil Thou
- ------------------------------------------------------------------------------------------------------------------------
1. Interest expense incurred to carry tax-exempt securities, loans, and leases acquired after //////////////////
August 7, 1986, that is not deductible for federal income tax purposes ....................... 4513 600 M.1.
2. Income from the sale and servicing of mutual funds and annuities (included in //////////////////
Schedule RI, item 8) ......................................................................... 8431 668 M.2.
3. Not applicable //////////////////
4. Number of full-time equivalant employees at end of current period (round to //// Number
nearest whole number) ........................................................................ 4150 3,252 M.4.
5.-6. Not applicable //////////////////
7. If the reporting bank has restated its balance sheet as a result of applying push down //// MM DD YY
accounting this calendar year, report the date of the bank's acquisition ...................... 9106 00/00/00 M.7.
8. Trading revenue (from cash instruments and off-balance sheet derivative instruments) //////////////////
(sum of Memorandum items 8.a through 8.d must equal Schedule RI, item 5.c): //////////////////
a. Interest rate exposures .................................................................. 8757 0 M.8.a.
b. Foreign exchange exposures ............................................................... 8758 0 M.8.b.
c. Equity security and index exposures ...................................................... 8759 0 M.8.c.
d. Commodity and other exposures ............................................................ 8760 0 M.8.d.
9. Impact on income of off-balance sheet derivatives held for purposes other than trading: //////////////////
a. Net increase (decrease) to interest income ............................................... 8761 (1,732) M.9.a.
b. Net (increase) decrease to interest expense .............................................. 8762 0 M.9.b.
c. Other (noninterest) allocations .......................................................... 8763 0 M.9.c.
10. Credit losses on off-balance sheet derivatives (see instructions) ............................ A251 0 M.10.
-------------------
11. Does the reporting bank have a Subchapter S election in effect for federal income tax YES NO
-------------------
purposes for the current tax year? ........................................................... A530 //// X M.11.
-------------------
12. Deferred portion of total applicable income taxes included in Schedule RI, //// Bil Mil Thou
-------------------
items 9 and 11 (to be reported with the December Report of Income) ........................... 4772 N/A M.12.
-------------------
Schedule RI-A--Changes in Equity Capital
Indicate decreases and losses in parentheses.
I383
Dollar Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------------------------------------------------
1. Total equity capital originally reported in the December 31, 1996, Reports of Condition //////////////////
and Income ..................................................................................... 3215 822,419 1.
2. Equity capital adjustments from amended Reports of Income, net* ................................ 3216 0 2.
3. Amended balance end of previous calendar year (sum of items 1 and 2) ........................... 3217 822,419 3.
4. Net income (loss) (must equal Schedule RI, item 12) ............................................ 4340 39,184 4.
5. Sale, conversion, acquisition, or retirement of capital stock, net ............................. 4346 0 5.
6. Changes incident to business combinations, net ................................................. 4356 0 6.
7. LESS: Cash dividends declared on preferred stock ............................................... 4470 0 7.
8. LESS: Cash dividends declared on common stock .................................................. 4460 0 8.
9. Cumulative effect of changes in accounting principles from prior years* (see instructions for //////////////////
this schedule) ................................................................................. 4411 6,818 9.
10. Corrections of material accounting errors from prior years* (see instructions for this schedule) 4412 0 10.
11. Change in net unrealized holding gains (losses) on available-for-sale securities ............... 8433 (16,960) 11.
12. Other transactions with parent holding company* (not included in items 5, 7, or 8 above) ....... 4415 0 12.
13. Total equity capital end of current period (sum of items 3 through 12) (must equal //////////////////
Schedule RC, item 28) .......................................................................... 3210 851,461 13.
-------------------
- ----------
Describe on Schedule RI-E--Explanations.
5
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC--Balance Sheet
C300
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------------------------------------------------
ASSETS //////////////////
1. Cash and balances due from depository institutions (from Schedule RC-A:) //////////////////
a. Noninterest-bearing balances and currency and coin(1) ...................................... 0081 698,029 1.a.
b. Interest-bearing balances(2) ............................................................... 0071 330,238 1.b.
2. Securities: //////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A) ................................. 1754 112,675 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D) ............................... 1773 2,054,783 2.b.
3. Federal funds sold and securities purchased under agreements to resell ......................... 1350 27,400 3.
4. Loans and lease financing receivables: //////////////////
------------------------
a. Loans and leases, net of unearned income (from Schedule RC-C) ... RCON 2122 6,868,473 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses ....................... RCON 3123 98,614 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve ........................... RCON 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 6,769,859 4.d.
5. Trading assets (from Schedule RC-D) ............................................................ 3545 0 5.
6. Premises and fixed assets (including capitalized leases) ....................................... 2145 156,623 6.
7. Other real estate owned (from Schedule RC-M) ................................................... 2150 8,217 7.
8. Investments in unconsolidated subsidiaries and associated companies (from Shedule RC-M) ........ 2130 50,360 8.
9. Customers' liability to this bank on acceptances outstanding ................................... 2155 869 9.
10. Intangible assets (from Schedule RC-M) ......................................................... 2143 164,760 10.
11. Other assets (from Schedule RC-F) .............................................................. 2160 198,157 11.
12. Total assets (sum of items 1 through 11) ....................................................... 2170 10,571,970 12.
-------------------
- ----------
1) Includes cash items in process of collection and unposted debits.
2) Includes time certificates of deposit not held for trading.
9
Schedule RC--Continued
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------------------------------------------------
LIABILITIES //////////////////
13. Deposits: //////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule RC-E) .................. 2200 7,066,437 13.a.
------------------------
(1) Noninterest-bearing(1) ..................................... RCON 6631 1,586,399 ////////////////// 13.a.(1)
(2) Interest-bearing ........................................... RCON 6636 5,480,038 ////////////////// 13.a.(2)
------------------------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs .............................. //////////////////
(1) Noninterest-bearing ................................................................... //////////////////
(2) Interest-bearing ...................................................................... //////////////////
14. Federal funds purchased and securities sold under agreements to repurchase ..................... 2800 1,854,412 14.
15. a. Demand notes issued to the U.S. Treasury ................................................... 2840 5,974 15.a.
b. Trading liabilities (from Schedule RC-D) ................................................... 3548 0 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases): //////////////////
a. With a remaining maturity of one year or less .............................................. 2332 350,000 16.a.
b. With a remaining maturity of more than one year ............................................ 2333 147,657 16.b.
17. Not applicable //////////////////
18. Bank's liability on acceptances executed and outstanding ....................................... 2920 869 18.
19. Subordinated notes and debentures(2) ........................................................... 3200 160,000 19.
20. Other liabilities (from Schedule RC-G) ......................................................... 2930 135,160 20.
21. Total liabilities (sum of items 13 through 20) ................................................. 2948 9,720,509 21.
22. Not applicable //////////////////
EQUITY CAPITAL //////////////////
23. Perpetual preferred stock and related surplus .................................................. 3838 0 23.
24. Common stock ................................................................................... 3230 65,164 24.
25. Surplus (exclude all surplus related to preferred stock) ....................................... 3839 729,855 25.
26. a. Undivided profits and capital reserves ..................................................... 3632 78,650 26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities ..................... 8434 (22,208) 26.b.
27. Cumulative foreign currency translation adjustments ............................................ //////////////////
28. Total equity capital (sum of items 23 through 27) .............................................. 3210 851,461 28.
29. Total liabilities, limited-life preferred stock, and equity capital //////////////////
(sum of items 21 and 28) ....................................................................... 3300 10,571,970 29.
-------------------
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
most comprehensive level of auditing work performed for the bank by independent external Number
------------------
auditors as of any date during 1996 ............................................................ RCON 6724 2 M.1.
------------------
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
- ----------
1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
2) Includes limited-life preferred stock and related surplus.
10