EXHIBIT 25
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) ______
HARRIS TRUST AND SAVINGS BANK
(Name of Trustee)
Illinois 36-1194448
(State of Incorporation) (I.R.S. Employer Identification No.)
111 West Monroe Street, Chicago, Illinois 60603
(Address of principal executive offices)
Carolyn Potter, Harris Trust and Savings Bank,
311 West Monroe Street, Chicago, Illinois, 60606
312-461-2531 phone 312-461-3525 facsimile
(Name, address and telephone number for agent for service)
POLYMER GROUP, INC.
(Name of Obligor)
Delaware 57-1003983
(State of Incorporation) (I.R.S. Employer Identification No.)
PGI Polymer, Inc. Chicopee, Inc.
FiberTech Group, Inc. PNA Corp.
FiberGol Corporation FNA Polymer Corp.
Technetics Group, Inc. Fabrene Corp.
Chicopee Holdings, Inc. Fabrene Group, L.L.C.
Fabrene Group, Inc.
(Name of Guarantor)
Delaware 57-0962088
Delaware 57-0962089
Delaware 57-0962081
Delaware 57-0982116
Delaware 57-1018373
Delaware 57-1013629
North Carolina 56-1887385
North Carolina 56-1742445
Delaware 51-0319685
Delaware 57-0988766
Prince Edward Island, Canada N/A
(State of Incorporation) (I.R.S. Employer Identification No.)
4838 Jenkins Avenue
North Charleston, SC 29405
(Address of principal executive offices)
9% Senior Subordinated Notes due 2007, Series B
(Title of indenture securities)
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.
Commissioner of Banks and Trust Companies, State of Illinois,
Springfield, Illinois; Chicago Clearing House Association, 164 West
Jackson Boulevard, Chicago, Illinois; Federal Deposit Insurance
Corporation, Washington, D.C.; The Board of Governors of the Federal
Reserve System,Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Harris Trust and Savings Bank is authorized to exercise corporate
trust powers.
2. AFFILIATIONS WITH OBLIGOR. If the Obligor is an affiliate of the Trustee,
describe each suchaffiliation.
The Obligor is not an affiliate of the Trustee.
3. thru 15.
NO RESPONSE NECESSARY
16. LIST OF EXHIBITS.
1. A copy of the articles of association of the Trustee is now in effect
which includes the authority of the trustee to commence business and to
exercise corporate trust powers.
A copy of the Certificate of Merger dated April 1, 1972 between Harris
Trust and Savings Bank, HTS Bank and Harris Bankcorp, Inc. which
constitutes the articles of association of the Trustee as now in effect
and includes the authority of the Trustee to commence business and to
exercise corporate trust powers was filed in connection with the
Registration Statement of Louisville Gas and Electric Company, File No.
2-44295, and is incorporated herein by reference.
2. A copy of the existing by-laws of the Trustee.
A copy of the existing by-laws of the Trustee was filed in connection
with the Registration Statement of Commercial Federal Corporation, File
No. 333-20711, and is incorporated herein by reference.
3. The consents of the Trustee required by Section 321(b) of the Act.
(included as Exhibit A on page 2 of this statement)
4. A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or examining
authority.
(included as Exhibit B on page 3 of this statement)
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
HARRIS TRUST AND SAVINGS BANK, a corporation organized and existing under the
laws of the State of Illinois, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of Chicago, and State of Illinois, on the 27th day of August, 1997.
HARRIS TRUST AND SAVINGS BANK
/s/ C. Potter
By: ______________________________
C. Potter
Assistant Vice President
EXHIBIT A
The consents of the trustee required by Section 321(b) of the Act.
Harris Trust and Savings Bank, as the Trustee herein named, hereby consents that
reports of examinations of said trustee by Federal and State authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefor.
HARRIS TRUST AND SAVINGS BANK
/s/ C. Potter
By: ______________________________
C. Potter
Assistant Vice President
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EXHIBIT B
Attached is a true and correct copy of the statement of condition of Harris
Trust and Savings Bank as of March 31, 1997, as published in accordance with a
call made by the State Banking Authority and by the Federal Reserve Bank of the
Seventh Reserve District.
HARRIS BANK
Harris Trust and Savings Bank
111 West Monroe Street
Chicago, Illinois 60603
of Chicago, Illinois, And Foreign and Domestic Subsidiaries, at the close of
business on March 31, 1997, a state banking institution organized and operating
under the banking laws of this State and a member of the Federal Reserve System.
Published in accordance with a call made by the Commissioner of Banks and Trust
Companies of the State of Illinois and by the Federal Reserve Bank of this
District.
Bank's Transit Number 71000288
THOUSANDS
ASSETS OF DOLLARS
Cash and balances due from depository institutions:
Non-interest bearing balances and currency and coin..................... $ 1,594,951
Interest bearing balances............................................... $620,847
Securities:....................................................................
a. Held-to-maturity securities $0
b. Available-for-sale securities $3,674,321
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 IBF's:
Federal funds sold...................................................... $447,375
Securities purchased under agreements to resell......................... $0
Loans and lease financing receivables:
Loans and leases, net of unearned income................................ $8,499,011
LESS: Allowance for loan and lease losses.............................. $ 110,978
-------------------
Loans and leases, net of unearned income, allowance, and reserve
(item 4.a minus 4.b).................................................... $8,388,033
Assets held in trading accounts................................................ $126,309
Premises and fixed assets (including capitalized leases)....................... $188,993
Other real estate owned........................................................ $446
Investments in unconsolidated subsidiaries and associated companies............ $53
Customer's liability to this bank on acceptances outstanding................... $66,859
Intangible assets.............................................................. $292,918
Other assets................................................................... $495,997
-------------------
TOTAL ASSETS $15,897,102
===================
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LIABILITIES
Deposits:
In domestic offices.......................................................... $8,252,773
Non-interest bearing.................................................... $3,414,150
Interest bearing........................................................ $4,838,623
In foreign offices, Edge and Agreement subsidiaries, and IBF's............... $1,989,792
Non-interest bearing.................................................... $54,391
Interest bearing........................................................ $1,935,401
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 IBF's:
Federal funds purchased.& securites sold under agreements to repurchase...... $2,896,616
Trading Liabilities............................................................ 81,381
Other borrowed money:
a. With remaining maturity of one year or less................................ $991,442
b. With remaining maturity of more than one year.............................. $0
Bank's liability on acceptances executed and outstanding....................... $66,859
Subordinated notes and debentures.............................................. $310,000
Other liabilities.............................................................. $138,427
-------------------------
TOTAL LIABILITIES $14,727,290
=========================
EQUITY CAPITAL
Common stock................................................................... $100,000
Surplus........................................................................ $600,566
a. Undivided profits and capital reserves..................................... $519,518
b. Net unrealized holding gains (losses) on available-for-sale securities..... ($50,272)
-------------------------
TOTAL EQUITY CAPITAL $1,169,812
=========================
Total liabilities, limited-life preferred stock, and equity capital............ $15,897,102
=========================
I, Steve Neudecker, Vice President of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the Board of Governors of the Federal Reserve System and
is true to the best of my knowledge and belief.
STEVE NEUDECKER
4/30/97
We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and, to the best of our
knowledge and belief, has been prepared in conformance with the instructions
issued by the Board of Governors of the Federal Reserve System and the
Commissioner of Banks and Trust Companies of the State of Illinois and is true
and correct.
EDWARD W. LYMAN,
ALAN G. McNALLY,
MARIBETH S. RAHE
Directors.
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