FORM 4
( X ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Kelso Investment Associates V, L.P.
c/o Kelso & Company
320 Park Avenue, 24th Floor
New York, NY 10022
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2. Issuer Name and Ticker or Trading Symbol
Universal Outdoor Holdings, Inc. (UOUT)
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
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4. Statement for Month/Year
August/1997
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of reporting person to Issuer (Check all applicable)
( ) DIRECTOR
( X ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
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7. Individual, or Joint/Group Filing (Check all applicable)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Common Stock(1)
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2. Transaction Date (Month/Day/Year)
8/21/97
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3. Transaction Code (Instr. 8)
S
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
2,847,871 D
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
0
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
2,847,871 D
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Transaction Date (Month/Day/Year)
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4. Transaction Code (Instr. 8)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
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8. Price of Derivative Securities (Instr. 5)
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9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
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11. Nature of Indirect Beneficial Ownership (Instr. 4)
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EXPLANATION OF RESPONSES:
1 Immediately prior to the consummation of the initial public offering of
the Common Stock of the issuer, each outstanding share of Class B Common
Stock and Class C Common Stock of the issuer was reclassified by the
issuer into one share of Common Stock and, substantially simultaneously
therewith, was subject to a 16 for 1 stock split. As a result, the
176,253 shares of Class B Common Stock and 172,487 shares of Class C
Common Stock held by the reporting person were reclassified and converted
into 5,579,840 shares of Common Stock.
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** SIGNATURE OF REPORTING PERSON DATE
September 10, 1997
/s/ James J. Connors II
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James J. Connors II,
as attorney-in-fact for Frank T. Nickell,
a general partner of Kelso Partners V, L.P.,
the general partner of Kelso Investment
Associates V, L.P.
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
