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Exhibit 25.1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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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)
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IBJ SCHRODER BANK & TRUST COMPANY
(Exact name of trustee as specified in its charter)
New York 13-6022258
(Jurisdiction of incorporation (I.R.S. employer
or organization if not a U.S. national bank) identification No.)
One State Street, New York, New York 10004
(Address of principal executive offices) (Zip code)
LUIS PEREZ, ASSISTANT VICE PRESIDENT
IBJ SCHRODER BANK & TRUST COMPANY
One State Street
New York, New York 10004
(212) 858-2000
(Name, address and telephone number of agent for service)
Worldtex, Inc.
(Exact names of obligor as specified in its charter)
Delaware 56-1789271
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
212 12th Avenue N.E.
Hickory, North Carolina
28601
(Address of principal executive offices) (Zip code)
$175,000,000 9 5/8%Senior Secured Notes Due 2007
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(Title of indenture securities)
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Item 1. 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.
New York State Banking Department
Two Rector Street
New York, New York
Federal Deposit Insurance Corporation
Washington, D.C.
Federal Reserve Bank of New York
Second District,
33 Liberty Street
New York, New York
(b) Whether it is authorized to exercise corporate trust powers.
Yes
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
The obligor is not an affiliate of the trustee.
Item 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
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(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 obligors 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
Item 16. List of exhibits.
List below all exhibits filed as part of this statement of
eligibility.
*1. A copy of the Charter of IBJ Schroder Bank & Trust Company as
amended to date. (See Exhibit 1A to Form T-1, Securities and
Exchange Commission File No. 22-18460).
*2. A copy of the Certificate of Authority of the trustee to Commence
Business (Included in Exhibit 1 above).
*3. A copy of the Authorization of the trustee to exercise corporate
trust powers, as amended to date (See Exhibit 4 to Form T-1,
Securities and Exchange Commission File No. 22-19146).
*4. A copy of the existing By-Laws of the trustee, as amended to date
(See Exhibit 4 to Form T-1, Securities and Exchange Commission File
No. 22- 19146).
5. Not Applicable
6. The consent of United States institutional trustee required by
Section 321(b) of the Act.
7. A copy of the latest report of condition of the trustee published
pursuant to law or the requirements of its supervising or examining
authority.
* The Exhibits thus designated are incorporated herein by reference as
exhibits hereto. Following the description of such Exhibits is a reference
to the copy of the Exhibit heretofore filed with the Securities and
Exchange Commission, to which there have been no amendments or changes.
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NOTE
In answering any item in this Statement of Eligibility which relates to matters
peculiarly within the knowledge of the obligor and its directors or officers,
the trustee has relied upon information furnished to it by the obligor.
Inasmuch as this Form T-1 is filed prior to the ascertainment by the trustee of
all facts on which to base responsive answers to Item 2, the answer to said Item
is based on incomplete information.
Item 2, may, however, be considered as correct unless amended by an amendment to
this Form T-1.
Pursuant to General Instruction B, the trustee has responded to Items 1, 2 and
16 of this form since to the best knowledge of the trustee as indicated in Item
13, the obligor is not in default under any indenture under which the applicant
is trustee.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, IBJ Schroder Bank & Trust Company, a corporation organized and existing
under the laws of the State of New York, has duly caused this statement of
eligibility & qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, and State of New York,
on the 16th day of January, 1998.
IBJ SCHRODER BANK & TRUST COMPANY
By: /s/Luis Perez
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Luis Perez
Assistant Vice President
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Exhibit 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust
Indenture Act of 1939, as amended, in connection with the issuance by Worldtex,
Inc. of its $175,000,000 9 5/8%Senior Secured Notes Due 2007, we hereby consent
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 therefor.
IBJ SCHRODER BANK & TRUST COMPANY
By: /s/Luis Perez
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Luis Perez
Assistant Vice President
Dated: January 16, 1998
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EXHIBIT 7
CONSOLIDATED REPORT OF CONDITION OF
IBJ SCHRODER BANK & TRUST COMPANY
of New York, New York
And Foreign and Domestic Subsidiaries
Report as of September 30, 1997
Dollar Amounts
in Thousands
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ASSETS
Cash and balance due from depository institutions:
Noninterest-bearing balances and currency and coin ....................... $ 41,358
Interest-bearing balances ................................................ $ 314,171
Securities: Held-to-maturity securities ...................................... $ 196,749
Available-for-sale securities .................................... $ 63,064
Federal funds sold and securities purchased under agreements to resell in
domestic offices of the bank and of its Edge and Agreement subsidiaries and in
IBFs:
Federal Funds sold and Securities purchased under agreements to resell ... $ 10,151
Loans and lease financing receivables:
Loans and leases, net of unearned income ................................. $1,920,916
LESS: Allowance for loan and lease losses ................................ $ 59,498
LESS: Allocated transfer risk reserve .................................... $ -0-
Loans and leases, net of unearned income, allowance, and reserve ......... $1,861,418
Trading assets held in trading accounts ...................................... $ 452
Premises and fixed assets (including capitalized leases) ..................... $ 3,381
Other real estate owned ...................................................... $ 202
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Investments in unconsolidated subsidiaries and associated companies .......... $ -0-
Customers' liability to this bank on acceptances outstanding ................. $ 122
Intangible assets ............................................................ $ -0-
Other assets ................................................................. $ 65,280
TOTAL ASSETS ................................................................. $2,556,348
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LIABILITIES
Deposits:
In domestic offices ....................................................... $ 787,592
Noninterest-bearing ................................................... $ 239,126
Interest-bearing ...................................................... $ 548,466
In foreign offices, Edge and Agreement subsidiaries, and IBFs ............. $ 1,125,802
Noninterest-bearing ................................................... $ 18,827
Interest-bearing ...................................................... $1,106,975
Federal funds purchased and securities sold under agreements to repurchase in
domestic offices of the bank and of its Edge and Agreement subsidiaries, and in
IBFs:
Federal Funds purchased and Securities sold under agreements to repurchase $ 225,000
Demand notes issued to the U.S. Treasury ...................................... $ 50,000
Trading Liabilities ........................................................... $ 61
Other borrowed money:
a) With a remaining maturity of one year or less .......................... $ 57,291
b) With a remaining maturity of more than one year ........................ $ 1,763
c) With a remaining maturity of more than three years ..................... $ 2,242
Bank's liability on acceptances executed and outstanding ...................... $ 122
Subordinated notes and debentures ............................................. $ -0-
Other liabilities ............................................................. $ 72,909
TOTAL LIABILITIES ............................................................. $ 2,322,782
Limited-life preferred stock and related surplus .............................. $ -0-
EQUITY CAPITAL
Perpetual preferred stock and related surplus ................................. $ -0-
Common stock .................................................................. $ 29,649
Surplus (exclude all surplus related to preferred stock) ...................... $ 217,008
Undivided profits and capital reserves ........................................ $ (13,211)
Net unrealized gains (losses) on available-for-sale securities ................ $ 120
Cumulative foreign currency translation adjustments ........................... $ -0-
TOTAL EQUITY CAPITAL .......................................................... $ 233,566
TOTAL LIABILITIES AND EQUITY CAPITAL .......................................... $ 2,556,348