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)
WACHOVIA BANK, NATIONAL ASSOCIATION
---------------------------------------------------
(Exact Name of Trustee as Specified in its Charter)
22-1147033
------------------------------------
(I.R.S. Employer Identification No.)
301 S. COLLEGE STREET, CHARLOTTE, NORTH CAROLINA
------------------------------------------------
(Address of Principal Executive Offices)
28288-0630
----------
(Zip Code)
WACHOVIA BANK, NATIONAL ASSOCIATION
200 SOUTH BISCAYNE BLVD.
MIAMI, FL 33131
ATTENTION: CORPORATE TRUST ADMINISTRATION
(305) 789-4878
---------------------------------------------------------
(Name, address and telephone number of Agent for Service)
SPANISH BROADCASTING SYSTEM, INC.
---------------------------------------------------
(Exact Name of Obligor as Specified in its Charter)
DELAWARE
-------------------------------------------------------------
(State or other jurisdiction of Incorporation or Organization)
13-3827791
------------------------------------
(I.R.S. Employer Identification No.)
2601 SOUTH BAYSHORE DRIVE PH II
COCONUT GROVE, FLORIDA 33133
----------------------------------------
(Address of Principal Executive Offices)
33133
----------
(Zip Code)
TABLE OF ADDITIONAL REGISTRANTS
- --------------------------------------------------------------------------------------
STATE OR OTHER I.R.S. EMPLOYER
JURISDICTION OF IDENTIFICATION
NAME INCORPORATION NUMBER
- ---- --------------- ---------------
Spanish Broadcasting System of California, Inc. .. California 92-3952357
- --------------------------------------------------------------------------------------
Spanish Broadcasting System Network, Inc. ........ New York 13-3511101
- --------------------------------------------------------------------------------------
SBS Promotions, Inc. ............................. New York 13-3456128
- --------------------------------------------------------------------------------------
SBS Funding, Inc. ................................ Delaware 52-2176317
- --------------------------------------------------------------------------------------
Alarcon Holdings, Inc. ........................... New York 13-3475833
- --------------------------------------------------------------------------------------
SBS of Greater New York, Inc. .................... New York 13-3888732
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of Florida, Inc. ..... Florida 58-1700848
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of Greater Miami, Inc. Delaware 65-0774450
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of Puerto Rico, Inc. . Delaware 52-2139546
- --------------------------------------------------------------------------------------
Spanish Broadcasting System, Inc. ................ New Jersey 13-3181941
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of Illinois, Inc. .... Delaware 36-4174296
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of San Antonio, Inc. . Delaware 65-0820776
- --------------------------------------------------------------------------------------
Spanish Broadcasting System Finance Corporation .. Delaware 65-1081341
- --------------------------------------------------------------------------------------
Spanish Broadcasting System SouthWest, Inc. ...... Delaware 75-2130336
- --------------------------------------------------------------------------------------
Spanish Broadcasting System-- San Francisco, Inc. Delaware 94-3405231
- --------------------------------------------------------------------------------------
Spanish Broadcasting System of Puerto Rico, Inc. . Puerto Rico 66-0564244
- --------------------------------------------------------------------------------------
The address, including zip code, and telephone number, including area code,
of each of the additional registrant's principal executive offices is: c/o
Spanish Broadcasting System, Inc., 2601 South Bayshore Drive, PHII, Coconut
Grove, Florida 33133, (305) 441-6901.
10-3/4% SUBORDINATED EXCHANGE NOTES DUE 2013
(TITLE OF INDENTURE SECURITIES)
1. GENERAL INFORMATION.
FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:
A) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISORY AUTHORITY TO WHICH IT IS
SUBJECT:
Comptroller of the Currency
United States Department of the Treasury
Washington, D.C. 20219
Federal Reserve Bank
Richmond, Virginia 23219
Federal Deposit Insurance Corporation
Washington, D.C. 20429
B) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes.
2. AFFILIATIONS WITH OBLIGOR.
IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.
None.
3. VOTING SECURITIES OF THE TRUSTEE.
FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING SECURITIES OF
THE TRUSTEE:
Not applicable - see answer to Item 13.
4. TRUSTEESHIPS UNDER OTHER INDENTURES.
IF THE TRUSTEE IS 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, FURNISH THE FOLLOWING INFORMATION:
Not applicable - see answer to Item 13.
5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.
IF THE TRUSTEE OR 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, IDENTIFY EACH SUCH PERSON HAVING
ANY SUCH CONNECTION AND STATE THE NATURE OF EACH SUCH CONNECTION.
Not applicable - see answer to Item 13.
6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS
OFFICIALS.
FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE TRUSTEE
OWNED BENEFICIALLY BY THE OBLIGOR AND EACH DIRECTOR, PARTNER, AND EXECUTIVE
OFFICER OF THE OBLIGOR:
Not applicable - see answer to Item 13.
7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR OFFICIALS.
FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE TRUSTEE
OWNED BENEFICIALLY BY EACH UNDERWRITER FOR THE OBLIGOR AND EACH DIRECTOR,
PARTNER, AND EXECUTIVE OFFICER OF EACH SUCH UNDERWRITER:
Not applicable - see answer to Item 13.
8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
FURNISH THE FOLLOWING INFORMATION AS TO SECURITIES OF THE OBLIGOR OWNED
BENEFICIALLY OR HELD AS COLLATERAL SECURITY FOR OBLIGATIONS IN DEFAULT BY THE
TRUSTEE:
Not applicable - see answer to Item 13.
9. SECURITIES OF UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF AN UNDERWRITER FOR THE OBLIGOR, FURNISH
THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH UNDERWRITER ANY
OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE:
Not applicable - see answer to Item 13.
10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT VOTING SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF
THE TRUSTEE (1) OWNS 10 PERCENT OR MORE OF THE VOTING STOCK OF THE OBLIGOR OR
(2) IS AN AFFILIATE, OTHER THAN A SUBSIDIARY, OF THE OBLIGOR, FURNISH THE
FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF SUCH PERSON:
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.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF THE
TRUSTEE, OWNS 50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR,
FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH PERSON
ANY OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE:
Not applicable - see answer to Item 13.
12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
EXCEPT AS NOTED IN THE INSTRUCTIONS, IF THE OBLIGOR IS INDEBTED TO THE
TRUSTEE, FURNISH THE FOLLOWING INFORMATION:
Not applicable - see answer to Item 13.
13. DEFAULTS BY THE OBLIGOR.
(A) STATE WHETHER THERE IS OR HAS BEEN A DEFAULT WITH RESPECT TO THE
SECURITIES UNDER THIS INDENTURE. EXPLAIN THE NATURE OF ANY SUCH DEFAULT.
None.
(B) IF THE TRUSTEE IS 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, OR IS TRUSTEE FOR MORE THAN ONE
OUTSTANDING SERIES OF SECURITIES UNDER THE INDENTURE, STATE WHETHER THERE HAS
BEEN A DEFAULT UNDER ANY SUCH INDENTURE OR SERIES, IDENTIFY THE INDENTURE OR
SERIES AFFECTED, AND EXPLAIN THE NATURE OF ANY SUCH DEFAULT.
None
14. AFFILIATIONS WITH THE UNDERWRITERS.
IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.
Not applicable - see answer to Item 13.
15. FOREIGN TRUSTEE.
IDENTIFY THE ORDER OR RULE PURSUANT TO WHICH THE TRUSTEE IS AUTHORIZED TO
ACT AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED UNDER THE ACT.
Not applicable - trustee is a national banking association organized under
the laws of the United States.
16. LIST OF EXHIBITS.
LIST BELOW ALL EXHIBITS FILED AS PART OF THIS STATEMENT OF ELIGIBILITY.
__ 1. Copy of Articles of Association of the trustee as now in effect*
__ 2. Copy of the Certificate of the Comptroller of the Currency dated March
27, 2002, evidencing the authority of the trustee to transact business*
__ 3. Copy of the Certification of Fiduciary Powers of the trustee by the
Office of the Comptroller of the Currency dated March 27,2002*
__ 4. Copy of existing by-laws of the trustee**
__ 5. Copy of each indenture referred to in Item 4, if the obligor is in
default.
-Not Applicable.
X 6. Consent of the trustee required by Section 321(b) of the Act.
X 7. Copy of report of condition of the trustee published pursuant to the
requirements of its supervising authority
__ 8. Copy of any order pursuant to which the foreign trustee is
authorized to act as sole trustee under indentures qualified or to be
qualified under the Act.
- Not Applicable
__ 9. Consent to service of process required of foreign trustees pursuant to
Rule 10a-4 under the Act.
- Not Applicable
- ----------
* Previously filed with the Securities and Exchange Commission on April 11,
2002 as an Exhibit to Form T-1 in connection with Registration Statement
Number 333-86036.
** Previously filed with the Securities and Exchange Commission on May 13, 2003
as an Exhibit to Form T-1 (in connection with Registration Statement File No.
333-105207) and is incorporated by reference herein.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939,the trustee,
Wachovia 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 Miami and the
State of Florida, on the 21st day of January, 2004.
Wachovia Bank, National Association
By:/s/ Ednora G. Linares
----------------------
Ednora G. Linares
Vice President
EXHIBIT T-6
CONSENT OF THE TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act
of 1939, and in connection with the proposed issue of Spanish Broadcasting
System, Inc. 10-3/4% Subordinated Exchange Notes due 2013, Wachovia Bank,
National Association, hereby consents that reports of examinations by Federal,
State, Territorial or District authorities may be furnished by such authorities
to the Securities and Exchange Commission upon request therefore.
WACHOVIA BANK, NATIONAL ASSOCIATION
By:/s/ Ednora G. Linares
----------------------
Ednora G. Linares
Vice President
Miami, Florida
January 21, 2004
EXHIBIT T-7
REPORT OF CONDITION
Consolidating domestic and foreign subsidiaries of Wachovia Bank, N.A., at the
close of business on September 30, 2003, published in response to call made by
Comptroller of the Currency, under title 12, United States Code, Section 161.
Charter Number 1 Comptroller of the Currency.
STATEMENT OF RESOURCES AND LIABILITIES
ASSETS
Thousand of Dollars
Cash and balance due from depository institutions:
Noninterest-bearing balances and currency and coin ............................... 11,680,000
Interest-bearing balances ........................................................ 748,000
Securities ............................................................................ ////////
Held-to-maturity securities (from Schedule RC-B, column A) ....................... 0
Available-for-sale securities (from schedule RC-B, column D) ..................... 84,131,000
Federal funds sold and securities purchased under agreements to resell ................ 0
Federal funds sold in domestic offices ................................................ 517,000
Securities purchased under agreements to resell ....................................... 4,731,000
Loans and lease financing receivables (from Schedule RC-C):
Loan and leases held for sale .................................................... 10,595,000
Loan and leases, net of unearned income .......................................... 163,332,000
LESS: Allowance for loan and lease losses ........................................ 2,572,000
LESS: Allocated transfer risk reserve ............................................ 0
Loans and leases, net of unearned income and allowance (item.4.b misus 4.c) ...... 160,760,000
Trading assets (from Schedule RC-D) ................................................... 27,857,000
Premises and fixed assets (including capitalized leases) .............................. 3,833,000
Other real estate owned (from Schedule RC-M) .......................................... 153,000
Investment in unconsolidated subsidiaries and associated companies (from Schedule RC-M) 767,000
Customer's liability to this bank on acceptances outstanding .......................... 732,000
Intangible assets
Goodwill ......................................................................... 9,504,000
Other intangible assets (from Schedule RC-M) .......................................... 1,514,000
Other assets (from Schedule RC-F) ..................................................... 26,534,000
TOTAL ASSETS ...................................... 344,056,000
LIABILITIES
Deposits:
In domestic offices .............................................................. 194,540,000
Noninterest-bearing ............................................................ 21,592,000
Interest-bearing ............................................................... 172,948,000
In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC-E,
partII) ........................................................................ 13,980,000
Noninterest-bearing ............................................................ 33,000
Interest-bearing ............................................................... 13,947,000
Federal funds purchased in domestic offices(2) ........................................ 5,536,000
Securities sold under agreements to repurchase(3) ..................................... 24,250,000
Trading liabilities(from Schedule RC-D) ............................................... 19,430,000
Other borrowed money (includes mortgage indebtedness and obligations under Capitalized
leases) (from Schedule RC-M) ........................................................ 30,910,000
Bank's liability on acceptances executed and outstanding .............................. 743,000
Subordinated notes and debentures ..................................................... 8,549,000
Other liabilities ..................................................................... 13,188,000
TOTAL LIABILITIES ..................................................................... 311,126,000
Minority Interest in consolidated subsidiaries ........................................ 1,956,000
EQUITY CAPITAL
Perpetual preferred stock and related surplus ......................................... 0
Common Stock .......................................................................... 455,000
Surplus ............................................................................... 24,178,000
Retained Earnings ..................................................................... 4,696,000
Accumulated other comprehensive income ................................................ 1,645,000
Other Equity Capital components ....................................................... 0
Total equity capital (sum of item 23 through 27) ...................................... 30,974,000
Total liabilities and equity capital (sum of items 21,22, and 28) ..................... 344,056,000
</Table>