FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For September 16, 2002
AERCO LIMITED
22 Grenville Street
St. Helier
Jersey, JE4 8PX
Channel Islands
( Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | X | Form 40-F |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-(b) under the Securities Exchange Act of 1934.
| Yes | No | X |
INDEX TO EXHIBITS
Item1. AerCo Limited Monthly Report to Noteholders for September 2002, including
additional information excluded form the 6-K, filed September 12, 2002.
24. Power of Attorney for AerCo Limited.
Page 2 of 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: September 16, 2002
| AERCO LIMITED | ||
| By: | /s/ Sean Brennan | |
| Name: Sean Brennan | ||
| Title: Attorney-in-Fact | ||
Page 3 of 3
Item 1
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| Month Payment Date Convention Current Payment Date Current Calculation Date Previous Payment Date Previous Calculation Date | September-02 15th of each month Modified Following Business Day 16-Sep-02 10-Sep-02 15-Aug-02 9-Aug-02 | ||||||
| 1. Account Activity Summary between Calculation Dates | |||||||
| Prior Balance 9-Aug-02 | Deposits | Withdrawals | Balance on Calculation Date 10-Sep-02 | ||||
| Expense Account | 4,805,696.25 | 4,986,310.98 | (4,813,778.88 | ) | 4,978,228.35 | ||
| Collection Account | 95,405,302.98 | 15,879,772.46 | (13,149,900.98 | ) | 98,135,174.46 | ||
| Aircraft Purchase Account | - | - | - | - | |||
| - Liquidity Reserve cash balance | 82,255,402.00 | - | - | 82,255,402.00 | |||
| Total | 100,210,999.23 | 20,866,083.44 | (17,963,679.86 | ) | 103,113,402.81 | ||
| 2. Analysis of Aircraft Purchase Account Activity | |||||||
| Opening Balance on Previous Calculation Date | - | ||||||
| Interest Income | - | ||||||
| Aircraft Purchase Payments | - | ||||||
| Economic Swap Payments | - | ||||||
| Balance on Current Calculation Date | - | ||||||
| 3. Analysis of Expense Account Activity | |||||||
| Opening Balance on Previous Calculation Date | 4,805,696.25 | ||||||
| Transfer from Collection Account on previous Payment Date | 4,979,068.51 | ||||||
| Permitted Aircraft Accrual | - | ||||||
| Interim Transfer from Collection Account | - | ||||||
| Interest Income | 7,242.47 | ||||||
| Balance on current Calculation Date | |||||||
| - Payments on previous payment date | (4,813,778.88 | ) | |||||
| - Interim payments | - | ||||||
| - Other | - | ||||||
| Balance on Current Calculation Date | 4,978,228.35 | ||||||
| 4. Analysis of Collection Account Activity | |||||||
| Opening Balance on Previous Calculation Date | 95,405,302.98 | ||||||
| Collections during period | 15,879,772.46 | ||||||
| Transfer to Expense Account on previous Payment Date | |||||||
| - Required Expense Amount | (1,194,303.87 | ) | |||||
| - Permitted Aircraft Modifications | - | ||||||
| Interim Transfer to Expense Account | - | ||||||
| Net Swap payments on previous Payment Date | (3,784,764.64 | ) | |||||
| Aggregate Note Payments on previous Payment Date | (8,170,832.47 | ) | |||||
| Balance on Current Calculation Date | 98,135,174.46 | ||||||
| Analysis of Liquidity Reserve Amount | |||||||
| First Collection Account Reserve | 30,000,000.00 | ||||||
| Second Collection Account Reserve | 35,000,000.00 | ||||||
| Cash Held | |||||||
| - Security Deposits | 17,255,402.00 | ||||||
| Liquidity Reserve Amount | 82,255,402.00 | ||||||
| A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn. | |||||||
Page 1 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| Current Payment Date | 16-Sep-02 | |||||||
| Current Calculation Date | 10-Sep-02 | |||||||
| Previous Payment Date | 15-Aug-02 | |||||||
| Previous Calculation Date | 9-Aug-02 | |||||||
| Balance in Collection and Expense Account | 103,113,402.81 | |||||||
| Liquidity Reserve Amount | (82,255,402.00) | |||||||
| Available Collections | 20,858,000.81 | |||||||
| 4. Analysis of Collection Account Activity (Continued) | ||||||||
| Analysis of Current Payment Date Distributions | ||||||||
| (I) | Total Required Expense Amount | 6,000,000.00 | ||||||
| (II) a) | Class A Interest but excluding Step-up | 1,658,083.51 | ||||||
| b) | Swap Payments other than subordinated swap payments | 3,904,268.49 | ||||||
| (iii) | First Collection Account top-up (Minimum liquidity reserve $30 m) | 30,000,000.00 | ||||||
| (iv) | Class A Minimum principal payment | - | ||||||
| (v) | Class B Interest | 310,035.51 | ||||||
| (vi) | Class B Minimum principal payment | 95,372.55 | ||||||
| (vii) | Class C Interest | 488,082.98 | ||||||
| (viii) | Class C Minimum principal payment | - | ||||||
| (ix) | Class D Interest | 708,333.33 | ||||||
| (x) | Class D Minimum principal payment | - | ||||||
| (xi) | Second collection account top-up | 52,255,402.00 | ||||||
| (xii) | Class A Scheduled principal | - | ||||||
| (xiii) | Class B Scheduled principal | 536,326.13 | ||||||
| (xiv) | Class C Scheduled principal | 443,221.91 | ||||||
| (xv) | Class D Scheduled principal | - | ||||||
| (xvi) | Permitted accruals for Modifications | - | ||||||
| (xvii) | Step-up interest | 247,576.08 | ||||||
| (xviii) | Class A Supplemental principal | 6,466,700.31 | ||||||
| (xix) | Class E Primary Interest | - | ||||||
| (xx) | Class B Supplemental principal | - | ||||||
| (xxi) | Class A Outstanding Principal | - | ||||||
| (xxii) | Class B Outstanding Principal | - | ||||||
| (xxiii) | Class C Outstanding Principal | - | ||||||
| (xxiv) | Class D Outstanding Principal | - | ||||||
| (xxv) | Subordinated Swap payments | - | ||||||
| Total Payments with respect to Payment Date | 103,113,402.81 | |||||||
| less collection Account Top Ups (iii) (b) and (xi) (b) above | 82,255,402.00 | |||||||
| 20,858,000.81 | ||||||||
Page 2 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| Current Payment Date | 16-Sep-02 | |||||||||||
| Current Calculation Date | 10-Sep-02 | |||||||||||
| Previous Payment Date | 15-Aug-02 | |||||||||||
| Previous Calculation Date | 9-Aug-02 | |||||||||||
| 5. Payments on the Notes by Subclass | |||||||||||
| Floating Rate Notes | Subclass A-2 | Subclass A-3 | Subclass A-4 | Total Class A | Subclass B-1 | Subclass B-2 | Total Class B | Subclass C-1 | Subclass C-2 | Total Class C | |
| Applicable LIBOR | 1.78000% | 1.78000% | 1.78000% | 1.78000% | 1.78000% | 1.78000% | 1.78000% | ||||
| Applicable Margin | 0.3200% | 0.4600% | 0.5200% | 0.6000% | 1.0500% | 1.3500% | 2.0500% | ||||
| Applicable Interest Rate | 2.10000% | 2.24000% | 2.30000% | 2.38000% | 2.83000% | 3.13000% | 3.83000% | ||||
| Day Count | Act/360 | Act/360 | Act/360 | Act/360 | Act/360 | Act/360 | Act/360 | ||||
| Actual Number of Days | 32 | 32 | 32 | 32 | 32 | 32 | 32 | ||||
| Interest Amount Payable | 246,447.58 | 1,109,140.84 | 302,495.10 | 136,492.99 | 173,542.52 | 224,518.54 | 263,564.43 | ||||
| Step-up Interest Amount Payable | NA | 247,576.08 | NA | NA | NA | NA | NA | ||||
| Total Interest Paid | 246,447.58 | 1,356,716.92 | 302,495.10 | 1,905,659.59 | 136,492.99 | 173,542.52 | 310,035.51 | 224,518.54 | 263,564.43 | 488,082.98 | |
| Expected Final Payment Date | 15-Dec-05 | 15-Jun-02 | 15-May-11 | 15-Jul-13 | 15-Jun-08 | 15-Jul-13 | 15-Jun-08 | ||||
| Excess Amortisation Date | 17-Aug-98 | 15-Feb-06 | 15-Aug-00 | 17-Aug-98 | 15-Aug-00 | 17-Aug-98 | 15-Aug-00 | ||||
| Original Balance | 290,000,000.00 | 565,000,000.00 | 235,000,000.00 | 85,000,000.00 | 80,000,000.00 | 85,000,000.00 | 80,000,000.00 | ||||
| Opening Outstanding Principal Balance | 132,025,487.41 | 557,046,182.19 | 147,959,557.46 | 837,031,227.06 | 64,518,747.27 | 68,987,750.22 | 133,506,497.49 | 80,697,559.81 | 77,417,751.75 | 158,115,311.56 | |
| Extended Pool Factors | 57.78% | 100.00% | 83.40% | 84.35% | 99.31% | 98.81% | 98.90% | ||||
| Pool Factors | 46.00% | 100.00% | 72.66% | 77.86% | 97.80% | 94.67% | 96.50% | ||||
| Minimum Principal Payment | - | - | - | - | 46,090.02 | 49,282.53 | 95,372.55 | - | - | - | |
| Scheduled Principal Payment | - | - | - | - | 259,186.56 | 277,139.57 | 536,326.13 | 226,735.05 | 216,486.86 | 443,221.91 | |
| Supplemental Principal Payment | - | 6,466,700.31 | - | 6,466,700.31 | - | - | - | - | - | - | |
| Total Principal Distribution Amount | - | 6,466,700.31 | - | 6,466,700.31 | 305,276.58 | 326,422.10 | 631,698.68 | 226,735.05 | 216,486.86 | 443,221.91 | |
| Redemption Amount | - | - | |||||||||
| - amount allocable to principal | - | - | - | ||||||||
| - amount allocable to premium | - | - | |||||||||
| Closing Outstanding Principal Balance | 132,025,487.41 | 550,579,481.88 | 147,959,557.46 | 830,564,526.75 | 64,213,470.69 | 68,661,328.12 | 132,874,798.81 | 80,470,824.76 | 77,201,264.89 | 157,672,089.65 | |
| Fixed Rate Notes | D-2 |
| Applicable Interest Rate | 8.50000% |
| Day count | 30 / 360 |
| Number of Days | 30 |
| Interest Amount Payable | 708,333.33 |
| Total Interest Paid | 708,333.33 |
| Expected Final Payment Date | 15-Mar-14 |
| Excess Amortisation Date | 15-Jul-10 |
| Original Balance | 100,000,000.00 |
| Opening Outstanding Principal Balance | 100,000,000.00 |
| Extended Pool Factors | 100.00% |
| Expected Pool Factors | 100.00% |
| Extended Amount | - |
| Expected Pool Factor Amount | - |
| Surplus Amortisation | |
| Total Principal Distribution Amount | - |
| Redemption Amount | - |
| - amount allocable to principal | - |
| - amount allocable to premium | - |
| Closing Outstanding Principal Balance | 100,000,000.00 |
Page 3 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| Current Payment Date | 16-Sep-02 | ||||||
| Current Calculation Date | 10-Sep-02 | ||||||
| Previous Payment Date | 15-Aug-02 | ||||||
| Previous Calculation Date | 9-Aug-02 | ||||||
| 6. Floating Rate Note information for next Interest Accrual Period | |||||||
| Start of Interest Accrual Period | 16-Sep-02 | ||||||
| End of Interest Accrual Period | 15-Oct-02 | ||||||
| Reference Date | 12-Sep-02 | ||||||
| A-2 | A-3 | A-4 | B-1 | B-2 | C-1 | C-2 | |
| Applicable LIBOR | 1.82313% | 1.82313% | 1.82313% | 1.82313% | 1.82313% | 1.82313% | 1.82313% |
| Applicable Margin | 0.3200% | 0.4600% | 0.5200% | 0.6000% | 1.0500% | 1.3500% | 2.0500% |
| Applicable Interest Rate | 2.1431% | 2.2831% | 2.3431% | 2.4231% | 2.8731% | 3.1731% | 3.8731% |
| Fixed Rate Notes | D-1 | ||||||
| Actual Pool Factor | 100.00% | ||||||
| 7. Payments per $ 1,000 Inital Outstanding Principal Balance of Notes | |||||||
| (a) Floating Rate Notes | A-2 | A-3 | A-4 | B-1 | B-2 | C-1 | C-2 |
| Opening Outstanding Principal Balance | 132,025.49 | 557,046.18 | 147,959.56 | 64,518.75 | 68,987.75 | 80,697.56 | 77,417.75 |
| Total Principal Payments | - | 6,466.70 | - | 305.28 | 326.42 | 226.74 | 216.49 |
| Closing Outstanding Principal Balance | 132,025.49 | 550,579.48 | 147,959.56 | 64,213.47 | 68,661.33 | 80,470.82 | 77,201.26 |
| Total Interest | 246.45 | 1,356.72 | 302.50 | 136.49 | 173.54 | 224.52 | 263.56 |
| Total Premium | 0.0000% | 0.5000% | 0.0000% | 0.0000% | 0.0000% | 0.0000% | 0.0000% |
| (b) Fixed Rate Notes | D-2 | ||||||
| Opening Outstanding Principal Balance | 100,000.00 | ||||||
| Total Principal Payments | - | ||||||
| Closing Outstanding Principal Balance | 100,000.00 | ||||||
| Total Interest | 708.33 | ||||||
| Total Premium | - | ||||||
Page 4 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Report to Noteholders
| All amounts in millions of US dollars unless otherwise stated | Dollar amounts expressed as a percentage 2000 Base Case Lease Rentals | |||||||||||||||||||
| July 2000 | Oct-Dec | Jan-Mar | Apr-Jun | Jul | Aug | Sept | Cumulative to Date | Cumulative to Date | ||||||||||||
| to Sept 2001 | 2001 | 2002 | 2002 | 2002 | 2002 | 2002 | Actual | *Adjusted base case | Variance | Actual | *Adjusted base case | Variance | ||||||||
| CASH COLLECTIONS | ||||||||||||||||||||
| [1] | Lease Rentals | 217.6 | 45.4 | 45.4 | 46.0 | 15.4 | 13.9 | 16.6 | 400.3 | 400.2 | 0.1 | 100.0% | 100.0% | 0.0% | ||||||
| [2] | - Renegotiated Leases | (3.0) | (2.8) | (2.1) | (3.0) | (0.8) | (1.0) | (1.0) | (13.7) | - | (13.7) | (3.4%) | 0.0% | (3.4%) | ||||||
| [3] | - Rental Resets | (1.3) | (3.2) | (4.1) | (3.2) | (1.2) | (1.1) | (1.2) | (15.3) | - | (15.3) | (3.8%) | 0.0% | (3.8%) | ||||||
| [4] | Σ [1]...[3] | Contracted Lease Rentals | 213.3 | 39.4 | 39.2 | 39.8 | 13.4 | 11.8 | 14.4 | 371.3 | 400.2 | (28.9) | 92.8% | 100.0% | (7.2%) | |||||
| [5] | Movement in Current Arrears Balance | (0.8) | (2.4) | 1.4 | (0.9) | (1.6) | (1.0) | (1.0) | (6.3) | - | (6.3) | (1.6%) | 0.0% | (1.6%) | ||||||
| less Net Stress-related Costs | ||||||||||||||||||||
| [6] | - Bad Debts | - | - | - | - | - | - | - | - | (4.0) | 4.0 | 0.0% | (1.0%) | 1.0% | ||||||
| [7] | - Security Deposits Drawn Down | 0.5 | - | - | - | - | - | - | 0.5 | - | 0.5 | 0.1% | 0.0% | 0.1% | ||||||
| [8] | - Restructured Arrears | 0.7 | 0.1 | (1.3) | (0.4) | 0.3 | 0.2 | 0.1 | (0.3) | 3.1 | (3.4) | (0.1%) | 0.8% | (0.8%) | ||||||
| [9] | - AOG | (4.3) | (1.5) | (0.4) | - | - | - | - | (6.2) | (16.9) | 10.7 | (1.5%) | (4.2%) | 2.7% | ||||||
| [10] | - Other Leasing Income | - | - | - | - | - | - | - | - | - | - | 0.0% | 0.0% | 0.0% | ||||||
| [11] | - Repossession Costs | (0.3) | - | - | - | - | - | - | (0.3) | (3.2) | 2.9 | (0.1%) | (0.8%) | 0.7% | ||||||
| [12] | Σ [6]...[11] | sub-total | (3.4) | (1.4) | (1.7) | (0.4) | 0.3 | 0.2 | 0.1 | (6.3) | (21.1) | 14.8 | (1.6%) | (5.3%) | 3.7% | |||||
| [13] | [4]+[5]+[12] | Net Lease Rentals | 209.1 | 35.6 | 38.9 | 38.5 | 12.1 | 11.0 | 13.5 | 358.7 | 379.1 | (20.4) | 89.6% | 94.7% | (5.1%) | |||||
| [14] | Interest Earned | 5.8 | 0.8 | 0.4 | 0.4 | 0.1 | 0.1 | 0.1 | 7.7 | 7.9 | (0.2) | 1.9% | 2.0% | (0.0%) | ||||||
| [15] | Drawings from Expense Account | - | - | - | 0.0% | 0.0% | 0.0% | |||||||||||||
| Maintenance Receipts | 22.6 | 4.5 | 3.6 | 6.1 | 1.1 | 1.7 | 2.1 | 41.7 | - | 41.7 | 10.4% | 0.0% | 10.4% | |||||||
| Maintenance Payments | (11.8) | (1.8) | (3.9) | (10.1) | - | - | - | (27.6) | - | (27.6) | (6.9%) | 0.0% | (6.9%) | |||||||
| [15] | Net Maintenance | 10.8 | 2.7 | (0.3) | (4.0) | 1.1 | 1.7 | 2.1 | 14.1 | - | 14.1 | 3.5% | 0.0% | 3.5% | ||||||
| [16] | Σ [13][15] | Total Cash Collections | 225.7 | 39.1 | 39.0 | 34.9 | 13.3 | 12.8 | 15.7 | 380.6 | 387.0 | (6.4) | 95.1% | 96.7% | (1.6%) | |||||
| CASH EXPENSES | ||||||||||||||||||||
| Aircraft Operating Expenses | ||||||||||||||||||||
| [17] | - Insurance | (0.1) | - | - | (0.3) | - | - | - | (0.4) | - | (0.4) | (0.1%) | 0.0% | (0.1%) | ||||||
| [18] | - Re-leasing and other overheads | (7.5) | (0.7) | (0.4) | (1.4) | (0.4) | (0.1) | (0.3) | (10.9) | (12.1) | 1.2 | (2.7%) | (3.0%) | 0.3% | ||||||
| [19] | [17]+[18] | subtotal | (7.6) | (0.7) | (0.4) | (1.7) | (0.4) | (0.1) | (0.3) | (11.3) | (12.1) | 0.8 | (2.8%) | (3.0%) | 0.2% | |||||
| SG&A Expenses | ||||||||||||||||||||
| [20] | Aircraft Servicer Fees | |||||||||||||||||||
| - Retainer Fee | (1.6) | (0.4) | (0.3) | (0.7) | (0.3) | (0.2) | (0.2) | (3.7) | (3.4) | (0.3) | (0.9%) | (0.8%) | (0.1%) | |||||||
| - Rent Collected Fee | (1.9) | (0.4) | (0.4) | (0.7) | (0.3) | (0.3) | (0.3) | (4.3) | (3.9) | (0.4) | (1.1%) | (1.0%) | (0.1%) | |||||||
| - Previous Servicer Fees | (1.8) | - | - | - | - | (1.8) | - | (1.8) | (0.4%) | 0.0% | (0.4%) | |||||||||
| [21] | sub-total | (5.3) | (0.8) | (0.7) | (1.3) | (0.6) | (0.5) | (0.5) | (9.7) | (7.3) | (2.5) | (2.4%) | (1.8%) | (0.6%) | ||||||
| [22] | Other Servicer Fees | (13.1) | (0.4) | (1.2) | (0.9) | (0.5) | (0.4) | (0.2) | (16.7) | (9.2) | (7.5) | (4.2%) | (2.3%) | (1.9%) | ||||||
| [23] | [21]+[22] | subtotal | (18.4) | (1.2) | (1.9) | (2.3) | (1.1) | (0.9) | (0.7) | (26.4) | (16.4) | (10.0) | (6.6%) | (4.1%) | (2.5%) | |||||
| [24] | [20]+[23] | Total Cash Expenses | (26.0) | (1.9) | (2.3) | (4.0) | (1.5) | (1.0) | (1.0) | (37.7) | (28.5) | (9.2) | (9.4%) | (7.1%) | (2.3%) | |||||
| NET CASH COLLECTIONS | ||||||||||||||||||||
| [25] | [17] | Total Cash Collections | 225.7 | 39.1 | 39.0 | 34.9 | 13.3 | 12.8 | 15.7 | 380.6 | 387.0 | (6.4) | 95.1% | 96.7% | (1.6%) | |||||
| [26] | [24] | Total Cash Expenses | (26.0) | (1.9) | (2.3) | (4.0) | (1.5) | (1.0) | (1.0) | (37.5) | (28.5) | (9.2) | (9.4%) | (7.1%) | (2.2%) | |||||
| [27] | Movement in Expense Account | 6.0 | 1.2 | 0.3 | 1.2 | - | - | - | 8.7 | - | 8.7 | 2.2% | 0.0% | 2.2% | ||||||
| [28] | Interest payments | (111.6) | (12.0) | (9.3) | (9.5) | (3.3) | (3.4) | (3.4) | (152.5) | (212.2) | 59.8 | (38.1%) | (53.0%) | 14.9% | ||||||
| [29] | Swap Payments | (12.1) | (9.3) | (10.7) | (10.5) | (3.4) | (3.8) | (3.8) | (53.5) | 4.1 | (57.6) | (13.4%) | 1.0% | (14.4%) | ||||||
| [30] | Proceeds from sale of aircraft | 50.5 | - | - | - | - | - | - | 50.5 | 51.1 | (0.6) | 12.6% | 12.8% | (0.2%) | ||||||
| [31] | Refinancing Costs | - | - | - | - | - | - | - | - | (2.3) | 2.3 | 0.0% | (0.6%) | 0.6% | ||||||
| [32] | Σ [25][31] | TOTAL | 132.5 | 17.1 | 17.0 | 12.1 | 5.1 | 4.7 | 7.5 | 196.3 | 199.1 | (2.9) | 49.0% | 49.8% | (0.7%) | |||||
| [33] | PRINCIPAL PAYMENTS | |||||||||||||||||||
| subclass A | 115.6 | 14.4 | 14.4 | 9.1 | 4.2 | 3.7 | 6.5 | 167.9 | 170.5 | (2.6) | 42.0% | 42.6% | (0.7%) | |||||||
| subclass B | 14.8 | 1.8 | 1.7 | 1.8 | 0.5 | 0.6 | 0.6 | 21.8 | 22.1 | (0.3) | 5.5% | 5.5% | (0.1%) | |||||||
| subclass C | 2.1 | 0.9 | 0.9 | 1.2 | 0.4 | 0.4 | 0.4 | 6.5 | 6.5 | 0.0 | 1.6% | 1.6% | 0.0% | |||||||
| subclass D | - | - | - | - | - | - | 0.0% | 0.0% | 0.0% | |||||||||||
| Total | 132.5 | 17.1 | 17.0 | 12.1 | 5.1 | 4.7 | 7.5 | 196.3 | 199.1 | (2.9) | 49.0% | 49.8% | (0.7%) | |||||||
| Debt Balances | ||||||||||||||||||||
| subclass A | 882.8 | 868.4 | 854.0 | 844.9 | 840.7 | 837.0 | 830.5 | 830.5 | 827.9 | 2.6 | ||||||||||
| subclass B | 140.0 | 138.2 | 136.5 | 134.7 | 134.1 | 133.5 | 132.9 | 132.9 | 132.6 | 0.3 | ||||||||||
| subclass C | 162.0 | 161.1 | 160.2 | 158.9 | 158.5 | 158.1 | 157.7 | 157.7 | 157.7 | 0.0 | ||||||||||
| subclass D | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | - | ||||||||||
| TOTAL | 1,284.8 | 1,267.7 | 1,250.7 | 1,238.5 | 1,233.3 | 1,228.6 | 1,221.1 | 1,221.1 | 1,218.2 | 2.9 | ||||||||||
| | ||||||||||||||||||||
| * Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales. | ||||||||||||||||||||
Page 5 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| Note: | Report Line Name | Description | |||||||||
| CASH COLLECTIONS | |||||||||||
| [1] | Lease Rentals | Assumptions per the July 2000 Prospectus adjusted for aircraft sales | |||||||||
| [2] | - Renegotiated Leases | Change in contracted rental cash flow caused by a renegotiated lease | |||||||||
| [3] | - Rental Resets | Re-leasing events where new lease rate deviated from the 2000 Base Case | |||||||||
| [4] | Σ [1]….[3] | Contracted Lease Rentals | Current Contracted Lease Rentals due as at the latest Calculation Date | ||||||||
| [5] | Movement in Current Arrears Balance | Current contracted lease rentals not received as at the latest Calculation Date, excluding Bad debts | |||||||||
| less Net Stress related Costs | |||||||||||
| [6] | - Bad debts | Arrears owed by former lessees and deemed irrecoverable. | |||||||||
| [7] | - Security deposits drawn down | Security deposits received following a lesse default | |||||||||
| [8] | - Restructured arrears | ||||||||||
| [9] | - AOG | Lost of rental due to an aircraft being off-lease and non-revenue earning | |||||||||
| [10] | - Other Leasing Income | Includes lease termination payments, rental guarantees and late payments charges | |||||||||
| [11] | - Repossession | Legal and technical costs incurred in repossessing aircraft. | |||||||||
| [12] | Σ [6]...[11] | sub-total | |||||||||
| [13] | [4]+[5]+[12] | Net Lease Rentals | Contracted Lease Rentals less Movement in Current Arrears Balance and Net Stress related costs | ||||||||
| [14] | Interest Earned | Interest earned on monthly cash balances | |||||||||
| [15] | Net Maintenance | Maintenance Revenue Reserve received less and reimbursements to lessees. | |||||||||
| [16] | Σ [13]...[15] | Total Cash Collections | Net Lease Rentals + Interest Earned + Net Maintenance | ||||||||
| | |||||||||||
| CASH EXPENSES | |||||||||||
| Aircraft Operating Expenses | All operational costs related to the leasing of aircraft. | ||||||||||
| [17] | - Insurance | Premium for contingent insurance policies | |||||||||
| [18] | - Re-leasing and other | Costs associated transferring an aircraft from one lessee to another | |||||||||
| [19] | [17]+[18] | subtotal | |||||||||
| SG&A Expenses | |||||||||||
| [20] | Aircraft Servicer Fees | Monthly and annual fees paid to Aircraft Servicer | |||||||||
| - Base Fee | Fixed amount per month per aircraft | ||||||||||
| - Rent Contracted Fee | 1.00% of rental contracted for the month | ||||||||||
| - Rent Collected Fee | 1.25% of rental received for the month | ||||||||||
| - Previous Servicer Fees | Fees paid to the previous Servicer of AerCo | ||||||||||
| [21] | [20] | subtotal | |||||||||
| [22] | Other Servicer Fees | Administrative Agent, trustee and professional fees paid to other service providers. | |||||||||
| [23] | [21]+[22] | subtotal | |||||||||
| [24] | [19]+[23] | Total Cash Expenses | Aircraft Operating Expenses + SG&A Expenses | ||||||||
| NET CASH COLLECTIONS | |||||||||||
| [25] | [16] | Total Cash Collections | line 16 above | ||||||||
| [26] | [24] | Total Cash Expenses | line 24 above | ||||||||
| [27] | Movement in Expense Account | Movement in Expense Account | |||||||||
| [28] | Interest Payments | Interest paid on all outstanding debt | |||||||||
| [29] | Swap payments | Net swap payments (paid) /received | |||||||||
| [30] | Proceeds from Aircraft Sales | Proceeds, net of fees and expenses, from the sale of aircraft | |||||||||
| [31] | Σ [25]…[30] | Exceptional Items | Includes adjustment for aircraft included in the Basecase but not acquired by AerCo | ||||||||
| TOTAL | |||||||||||
Page 6 of 7 | |||||||||||
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
| | |||||||||
2000 | |||||||||
Coverage Ratios | Closing | Actual | *Adjusted Base Case | ||||||
| Net Cash Collections | 196.3 | 199.1 | |||||||
| Add Back Interest | 152.5 | 212.2 | |||||||
| Add Back Swap Payments | 53.5 | (4.1 | ) | ||||||
| a | Net Cash Collections | 402.3 | 407.2 | ||||||
| b | Swaps | 53.5 | (4.1 | ) | |||||
| c | Class A Interest | 89.1 | 138.6 | ||||||
| d | Class A Minimum | 30.5 | 37.9 | ||||||
| e | Class B Interest | 15.2 | 23.1 | ||||||
| f | Class B Minimum | 8.7 | 8.6 | ||||||
| g | Class C Interest | 20.0 | 29.2 | ||||||
| h | Class C Minimum | - | - | ||||||
| I | Class D Interest | 18.4 | 18.4 | ||||||
| j | Class D Minimum | - | - | ||||||
| k | Class A Scheduled | - | - | ||||||
| l | Class B Scheduled | 12.7 | 13.5 | ||||||
| m | Class C Scheduled | 6.5 | 6.5 | ||||||
| n | Class D Scheduled | - | - | ||||||
| o | Permited Aircraft Modifications | - | - | ||||||
| p | Step Up Interest | 0.7 | |||||||
| q | Class A Supplemental | 137.4 | 132.6 | ||||||
| Class E Interest | 9.1 | 3.0 | |||||||
| Class B Supplemental | 0.4 | ||||||||
| Total | 402.3 | 407.2 | |||||||
| [1] | Interest Coverage Ratio | ||||||||
| Class A | 2.82 | 3.03 | = a/(b+c) | ||||||
| Class B | 2.14 | 2.08 | = a/(b+c+d+e) | ||||||
| Class C | 1.85 | 1.75 | = a/(b+c+d+e+f+g) | ||||||
| Class D | 1.71 | 1.62 | = a/(b+c+d+e+f+g+h+i) | ||||||
| [2] | Debt Coverage Ratio | ||||||||
| Class A | 1.71 | 1.62 | = a/(b+c+d+e+f+g+h+i+ j+k) | ||||||
| Class B | 1.62 | 1.54 | = a/(b+c+d+e+f+g+h+i+j+k+l) | ||||||
| Class C | 1.58 | 1.50 | = a/(b+c+d+e+f+g+h+i+j+k+l+m) | ||||||
| Class D | 1.58 | 1.50 | = a/(b+c+d+e+f+g+h+i+j+k+l+m+n) | ||||||
| Loan-to-Value Ratios | |||||||||
2000 Base Case 17-Jul-00 | Actual 16-Sep-02 | 2000 *Adjusted Base Case 16-Sep-02 | |||||||
| [3] | Assumed Portfolio Value | 1,566.7 | 1,340.8 | 1,340.8 | |||||
| Adjusted Portfolio Value (105%) | 1,327.0 | ||||||||
| Liquidity Reserve Amount | |||||||||
| Cash | 65.0 | 65.0 | 65.0 | ||||||
| - Accrued Expenses | 5.0 | 6.0 | 5.0 | ||||||
| - Security Deposits | 22.4 | 17.3 | 22.4 | ||||||
| subtotal cash | 92.4 | 88.3 | 92.4 | ||||||
| Letters of Credit | - | - | - | ||||||
| Total Liquidity Reserve | 92.4 | 88.3 | 92.4 | ||||||
| [4] | Total Asset Value | 1,659.1 | 1,429.1 | 1,433.2 | |||||
| Note Balance | |||||||||
| Class A | 998.4 | 60.2% | 830.5 | 58.1% | 827.9 | 57.8% | |||
| Class B | 154.8 | 69.5% | 132.9 | 67.4% | 132.6 | 67.0% | |||
| Class C | 164.1 | 79.4% | 157.7 | 78.4% | 157.7 | 78.0% | |||
| Class D | 100.0 | 85.4% | 100.0 | 85.4% | 100.0 | 85.0% | |||
| Total | 1,417.3 | 1,221.1 | 1,218.2 | ||||||
| * Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales. | |||||||||
| [1] Interest Coverage Ratio is equal to Net Cash Collections, before Interest and swap payments, expressed as a ratio of the swap costs and interest payable on each subclass of Notes plus the interest and minimum principal payments payable on each subclass of Notes that rank senior in priority of payment to the relevant subclass of Notes. | [3] Assumed Portfolio Value represents the Inital Appraised Value of each aircraft in the Portfolio multipled by the Depreciation Factor at Calculation date divided by the Depreciation Factor at Closing date. | ||||||||
| [2] Debt Service Ratio is equal to Net Cash Collections before interest and swap payments, expressed as a ratio of the interest and minimum and scheduled principal payments payable on each subclass of Notes plus the interest and minimum and scheduled principal payments payable on each subclass of Notes that ranks equally with or senior to the relevant subclass of Notes in the priority of payments. | [4] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve Amount | ||||||||
Page 7 of 7
Item 24
POWER OF ATTORNEYEach of the undersigned, being a Director and officer of AerCo Limited, hereby individually appoints John McMahon, Huib van Doorn, Sean Brennan, Brian Marks, Wouter Marinus den Dikken, Pat Keating, Aengus Kelly and Caroline Jones and each of them, acting on behalf of debis AirFinance Administrative Services Limited, as Administrative Agent of AerCo Limited, his true and lawful attorney-in-fact and agent (each an “Attorney-in-Fact”), with full power by power of attorney of substitution and resubstitution, for him and in his name, place and stead, in his capacity as a Director and an officer of AerCo Limited, to sign each Report on Form 6-K which will be filed at least monthly, provided that where any such Report on Form 6-K is required to contain any information in addition to or other than a copy of the relevant monthly report to noteholders the contents of such Report on Form 6-K shall be approved by any one Director of AerCo Limited prior to the filing thereof, each such Report on Form 6-K containing a monthly report to noteholders to be filed monthly on or about the 15th day of each month and each other Report on Form 6-K to be filed within the time prescribed by the Securities and Exchange Commission (the “SEC”) upon the occurrence of certain events listed in the SEC rules and regulations with the SEC and any amendments thereto, and to file the same with any exhibits thereto and any other documents in connection therewith with the SEC, granting unto said Attorney-in-Fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said Attorney-in-Fact, or his substitute, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, each of the undersigned has caused this Power of Attorney to be duly executed and delivered in Shannon, Ireland on the date indicated below.
| Dated: 24 July 2002 | /s/ G. Adrian Robinson |
| G. Adrian Robinson | |
| Witness: /s/ B.C. Robins | |
| Dated: 24 July 2002 | /s/ Peter Sokell |
| Peter Sokell | |
| Witness: /s/ B.C. Robins | |
| Dated: 24 July 2002 | /s/ Kenneth N. Peters |
| Kenneth N. Peters | |
| Witness: /s/ B.C. Robins | |
| Dated: 24 July 2002 | /s/ M. John McMcMahon |
| M. John McMcMahon | |
| Witness: /s/ B.C. Robins | |
| Dated: 9 August 2002 | /s/ Sean Brennan |
| Sean Brennan | |
| Witness: /s/ Marian Kennedy | |