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 February 15, 2002
AERCO LIMITED
22 Grenville Street
St. Helier
Jersey, JE4 8PX
Channel Islands
------------------------------------------------
(Address of principal executive offices)
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 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
--- ---
INDEX TO EXHIBITS
Item
- ----
1. AerCo Limited Monthly Report to Noteholders for February 2002, including
additional information excluded from form 6-K, filed February 13, 2002.
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: February 15, 2002
AERCO LIMITED
By: /s/ Patrick J. Dalton
------------------------------------
Name: Patrick J. Dalton
Title: Attorney-in-Fact
Page 3 of 3
Item 1
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month February-02
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-Feb-02
Current Calculation Date 11-Feb-02
Previous Payment Date 15-Jan-02
Previous Calculation Date 9-Jan-02
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1. Account Activity Summary between Calculation Dates
- -----------------------------------------------------------------------------------------------------------------------------------
Prior Deposits Withdrawals Balance on
Balance Calculation Date
9-Jan-02 11-Feb-02
- -----------------------------------------------------------------------------------------------------------------------------------
Expense Account 3,338,516.19 5,651,127.21 (5,124,574.24) 3,865,069.16
Collection Account 99,342,493.19 14,179,703.80 (14,432,841.19) 99,089,355.80
Aircraft Purchase Account - - - -
- Liquidity Reserve cash balance 84,909,652.00 110,000.00 - 85,019,652.00
- -----------------------------------------------------------------------------------------------------------------------------------
Total 102,681,009.38 19,830,831.01 (19,557,415.43) 102,954,424.96
- -----------------------------------------------------------------------------------------------------------------------------------
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 Expenses Account Activity
- -----------------------------------------------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 3,338,516.19
Transfer from Collection Account on previous Payment Date 5,646,559.77
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Interest Income 4,567.44
Balance on current Calculation Date
- Payments on previous payment date (4,213,469.31)
- Interim payments (911,104.93)
- Other
- -----------------------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date 3,865,069.16
- -----------------------------------------------------------------------------------------------------------------------------------
4. Analysis of Collection Account Activity
- -----------------------------------------------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 99,342,493.19
Collections during period 14,179,703.80
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (2,063,663.81)
- Permitted Aircraft Modifications -
Net Swap payments on previous Payment Date (3,582,895.96)
Aggregate Note Payments on previous Payment Date (8,786,281.42)
- -----------------------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date 99,089,355.80
- -----------------------------------------------------------------------------------------------------------------------------------
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 20,019,652.00
------------------------
Liquidity Reserve Amount 85,019,652.00
------------------------
A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn.
- -----------------------------------------------------------------------------------------------------------------------------------
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Feb-02
Current Calculation Date 11-Feb-02
Previous Payment Date 15-Jan-02
Previous Calculation Date 9-Jan-02
- -----------------------------------------------------------------------------------------------------------------------------------
Balance in Collection and Expense Account 102,954,424.96
Liquidity Reserve Amount (85,019,652.00)
--------------------
Available Collections 17,934,772.96
====================
4. Analysis of Collection Account Activity (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
Analysis of Current Payment Date Distributions
(I) Total Required Expense Amount 5,500,000.00
(II) a) Class A Interest but excluding Step-up 1,686,659.34
b) Swap Payments other than subordinated swap payments 3,814,702.41
(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 314,355.91
(vi) Class B Minimum principal payment 80,979.30
(vii) Class C Interest 486,452.57
(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 55,019,652.00
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 552,946.56
(xiv) Class C Scheduled principal 344,728.15
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest -
(xviii) Class A Supplemental principal 4,445,615.38
(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 102,954,424.96
less collection Account Top Ups (iii) (b) and (xi) (b) above 85,019,652.00
-----------------
17,934,772.96
=================
- -----------------------------------------------------------------------------------------------------------------------------------
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Feb-02
Current Calculation Date 11-Feb-02
Previous Payment Date 15-Jan-02
Previous Calculation Date 9-Jan-02
- -----------------------------------------------------------------------------------------------------------------------------------
5. Payments on the Notes by Subclass
- ----------------------------------------------------------------------------------------------------
Subclass Subclass Subclass Total
Floating Rate Notes A-2 A-3 A-4 Class A
- ----------------------------------------------------------------------------------------------------
Applicable LIBOR 1.82000% 1.82000% 1.82000%
Applicable Margin 0.3200% 0.4600% 0.5200%
Applicable Interest Rate 2.14000% 2.28000% 2.34000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 31 31 31
Interest Amount Payable 259,445.08 1,109,283.33 317,930.92
Step-up Interest Amount Payable NA NA
- ----------------------------------------------------------------------------------------------------
Total Interest Paid 259,445.08 1,109,283.33 317,930.92 1,686,659.34
- ----------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Dec-05 15-Jun-02 15-May-11
Excess Amortisation Date 17-Aug-98 15-Feb-06 15-Aug-00
- ----------------------------------------------------------------------------------------------------
Original Balance 290,000,000.00 565,000,000.00 235,000,000.00
Opening Outstanding Principal
Balance 140,790,217.12 565,000,000.00 157,782,096.70 863,572,313.82
- ----------------------------------------------------------------------------------------------------
Extended Pool Factors 64.56% 100.00% 90.50%
Pool Factors 53.80% 100.00% 78.77%
- ----------------------------------------------------------------------------------------------------
Minimum Principal Payment - - - -
Scheduled Principal Payment - - - -
Supplemental Principal Payment 2,096,306.74 - 2,349,308.64 4,445,615.38
- ----------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 2,096,306.74 - 2,349,308.64 4,445,615.38
- ----------------------------------------------------------------------------------------------------
Redemption Amount
- - amount allocable to principal -
- - amount allocable to premium
- ----------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 138,693,910.38 565,000,000.00 155,432,788.06 859,126,698.44
- ----------------------------------------------------------------------------------------------------
- -----------------------------------------------------
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
- -----------------------------------------------------
5. Payments on the Notes by Subclass (continued)
- ---------------------------------------------------------------------------------- ------------------------------------------------
Subclass Subclass Total Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B C-1 C-2 Class C
- ---------------------------------------------------------------------------------- ------------------------------------------------
Applicable LIBOR 1.82000% 1.82000% 1.82000% 1.82000%
Applicable Margin 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 2.42000% 2.87000% 3.17000% 3.87000%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 31 31 31 31
Interest Amount Payable 138,598.95 175,756.96 224,132.76 262,319.81
Step-up Interest Amount Payable NA NA NA NA
- ---------------------------------------------------------------------------------- ------------------------------------------------
Total Interest Paid 138,598.95 175,756.96 314,355.91 224,132.76 262,319.81 486,452.57
- ---------------------------------------------------------------------------------- ------------------------------------------------
Expected Final Payment Date 15-Jul-13 15-Jun-08 15-Jul-13 15-Jun-08
Excess Amortisation Date 17-Aug-98 15-Aug-00 17-Aug-98 15-Aug-00
- ---------------------------------------------------------------------------------- ------------------------------------------------
Original Balance 85,000,000.00 80,000,000.00 85,000,000.00 80,000,000.00
Opening Outstanding Principal
Balance 66,509,761.11 71,116,675.08 137,626,436.19 82,108,267.56 78,715,622.32 160,823,889.88
- ---------------------------------------------------------------------------------- ------------------------------------------------
Extended Pool Factors 87.83% 99.81% 99.42% 99.70%
Pool Factors 81.74% 98.78% 96.23% 98.05%
- ---------------------------------------------------------------------------------- ------------------------------------------------
Minimum Principal Payment 39,134.30 41,845.00 80,979.30 - - -
Scheduled Principal Payment 267,218.60 285,727.96 552,946.56 183,245.47 161,482.68 344,728.15
Supplemental Principal Payment - - - - - -
- ---------------------------------------------------------------------------------- ------------------------------------------------
Total Principal Distribution Amount 306,352.90 327,572.96 633,925.86 183,245.47 161,482.68 344,728.15
- ---------------------------------------------------------------------------------- ------------------------------------------------
Redemption Amount - -
- - amount allocable to principal - -
- - amount allocable to premium - -
- ---------------------------------------------------------------------------------- ------------------------------------------------
Closing Outstanding Principal Balance 66,203,408.21 70,789,102.12 136,992,510.33 81,925,022.09 78,554,139.64 160,479,161.73
- ---------------------------------------------------------------------------------- ------------------------------------------------
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Feb-02
Current Calculation Date 11-Feb-02
Previous Payment Date 15-Jan-02
Previous Calculation Date 9-Jan-02
- -----------------------------------------------------------------------------------------------------------------------------------
6. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-Feb-02
End of Interest Accrual Period 15-Mar-02
Reference Date 13-Mar-02
- -----------------------------------------------------------------------------------------------------------------------------------
A-2 A-3 A-4 B-1 B-2 C-1 C-2
- -----------------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 1.84750% 1.84750% 1.84750% 1.84750% 1.84750% 1.84750% 1.84750%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 2.1675% 2.3075% 2.3675% 2.4475% 2.8975% 3.1975% 3.8975%
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
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 140,790.22 565,000.00 157,782.10 66,509.76 71,116.68 82,108.27 78,715.62
Total Principal Payments 2,096.31 - 2,349.31 306.35 327.57 183.25 161.48
Closing Outstanding Principal Balance 138,693.91 565,000.00 155,432.79 66,203.41 70,789.10 81,925.02 78,554.14
Total Interest 259.45 1,109.28 317.93 138.60 175.76 224.13 262.32
Total Premium 0.0000% 0.0000% 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 -
- ---------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Jul- Oct- Jan- Apr- July- Oct-
Sept Dec Mar June Sept Dec Jan Feb
2000 2000 2001 2001 2001 2001 2002 72002
- -----------------------------------------------------------------------------------------------------------------------------------
CASH COLLECTIONS7
[1] Lease Rentals 30.6 49.6 46.2 46.1 45.1 45.4 15.3 14.0
[2] - Renegotiated Leases - - - (0.1) (2.9) (2.8) (0.3) (0.8)
[3] - Rental Resets - - (0.2) (0.7) (0.4) (3.2) (1.9) (1.2)
---------------------------------------------------------------------------
[4] S [1]..[3] Contracted Lease Rentals 30.6 49.6 46.0 45.3 41.8 39.4 13.1 12.0
[5] Movement in Current Arrears Balance (1.9) 0.2 (2.9) (0.4) 4.2 (2.4) 0.8 0.2
less Net Stress-related Costs
[6] - Bad Debts - (1.2) (0.3) - 1.5 - - -
[7] - Security Deposits Drawn Down - - 0.4 - 0.1 - - -
[8] - Restructured Arrears 0.3 0.2 0.4 0.3 (0.5) 0.1 (0.2) (0.1)
[9] - AOG - (0.7) (1.4) (0.9) (1.3) (1.5) (0.4) -
[10] - Other Leasing Income - - - - - - - -
[11] - Repossession Costs - - (0.1) (0.2) - - - -
---------------------------------------------------------------------------
[12] S [6]..[11] sub-total 0.3 (1.7) (1.0) (0.8) (0.2) (1.4) (0.6) (0.1)
[13] [4]+[5]+[12] Net Lease Rentals 29.0 48.1 42.1 44.1 45.8 35.6 13.3 12.1
[14] Interest Earned 0.7 1.6 1.4 1.2 0.9 0.8 0.2 0.1
[15] Drawings from Expense Account -
Maintenance Receipts 3.2 5.4 3.4 5.0 5.6 4.5 0.7 1.5
Maintenance Payments (0.7) (2.0) (1.9) (4.5) (2.7) (1.8) (2.8) (0.5)
---------------------------------------------------------------------------
[15] Net Maintenance 2.5 3.4 1.5 0.5 2.9 2.7 (2.1) 1.0
[16] S [13]..[15] Total Cash Collections 32.2 53.1 45.0 45.8 49.6 39.1 11.4 13.2
- -----------------------------------------------------------------------------------------------------------------------------------
CASH EXPENSES
Aircraft Operating Expenses
[17] - Insurance - (0.1) - - - - - -
[18] - Re-leasing and other overheads (0.1) (4.9) (0.6) (0.8) (1.1) (0.7) 0.1 (0.2)
---------------------------------------------------------------------------
[19] [17]+[18] subtotal (0.1) (5.0) (0.6) (0.8) (1.1) (0.7) 0.1 (0.2)
SG&A Expenses
[20] Aircraft Servicer Fees
- Retainer Fee (0.3) (0.7) (0.6) (0.9) 0.9 (0.4) (0.1) (0.1)
- Rent Collected Fee (0.3) (0.7) (0.6) (0.9) 0.6 (0.4) (0.2) (0.1)
- Previous Servicer Fees (1.8) - - - -
---------------------------------------------------------------------------
[21] sub-total (2.4) (1.4) (1.2) (1.8) 1.5 (0.8) (0.3) (0.2)
[22] Other Servicer Fees (0.5) (4.6) (2.4) (1.6) (4.0) (0.4) (0.5) (0.3)
---------------------------------------------------------------------------
[23] [21]+[22] subtotal (2.9) (6.0) (3.6) (3.4) (2.5) (1.2) (0.8) (0.5)
[24] [20]+[23] Total Cash Expenses (3.0) (11.0) (4.2) (4.2) (3.6) (1.9) (0.7) (0.7)
===========================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
NET CASH COLLECTIONS
[25] [17] Total Cash Collections 32.2 53.1 45.0 45.8 49.6 39.1 11.4 13.2
[26] [24] Total Cash Expenses (3.0) (11.0) (4.2) (4.2) (3.6) (1.9) (0.7) (0.7)
[27] Movement in Expense Account 2.8 2.8 1.2 (0.3) (0.5) 1.2
[28] Interest Payments (18.2) (30.6) (23.5) (22.3) (17.0) (12.0) (3.1) (3.2) (
[29] Swap Payments 0.5 0.3 (0.5) (3.3) (9.1) (9.3) (3.5) (3.8)
[30] Proceeds from sale of aircraft - - 1.4 47.6 1.5 - - -
---------------------------------------------------------------------------
[31] S [25]..[30] TOTAL 14.3 14.6 19.4 63.3 20.9 17.1 5.7 5.4
===========================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
[32] PRINCIPAL PAYMENTS
subclass A 14.2 11.1 17.0 55.1 18.2 14.4 4.8 4.5
subclass B - 3.2 2.0 7.6 2.0 1.8 0.6 0.6
subclass C 0.1 0.3 0.4 0.6 0.7 0.9 0.3 0.3
subclass D - - - - - - - -
---------------------------------------------------------------------------
Total 14.3 14.6 19.4 63.3 20.9 17.1 5.7 5.4
===========================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Debt Balances
subclass A 984.2 973.1 956.1 901.0 882.8 868.4 863.6 859.1
subclass B 154.8 151.6 149.6 142.0 140.0 138.2 137.6 137.0
subclass C 164.0 163.7 163.3 162.7 162.0 161.1 160.8 160.5
subclass D 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
---------------------------------------------------------------------------
TOTAL 1,403.0 1,388.4 1,369.0 1,305.7 1,284.8 1,267.7 1,262.0 1,256.6 1,2
===========================================================================
* Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales.
[Table continued]
All amounts in millions Dollar amounts expressed
of US dollars unless as a percentage
otherwise stated 2000 Base Case Lease Rentals
- -------------------------------------------------------------------------------------- --------------------------------------------
Cumulative to Date Cumulative to Date
*Adjusted *Adjusted
base base
Actual case Variance Actual case Variance
- -------------------------------------------------------------------------------------- --------------------------------------------
CASH COLLECTIONS7
[1] Lease Rentals 292.3 292.2 0.1 100.0% 100.0% 0.0%
[2] - Renegotiated Leases (6.9) - (6.9) (2.4%) 0.0% (2.4%)
[3] - Rental Resets (7.6) - (7.6) (2.6%) 0.0% (2.6%)
[4] S [1]..[3] Contracted Lease Rentals 277.8 292.2 (14.4) 95.1% 100.0% (4.9%)
[5] Movement in Current Arrears Balance (2.2) - (2.2) (0.8%) 0.0% (0.8%)
less Net Stress-related Costs
[6] - Bad Debts - (2.9) 2.9 0.0% (1.0%) 1.0%
[7] - Security Deposits Drawn Down 0.5 - 0.5 0.2% 0.0% 0.2%
[8] - Restructured Arrears 0.5 2.5 (2.0) 0.2% 0.9% (0.7%)
[9] - AOG (6.2) (12.4) 6.2 (2.1%) (4.2%) 2.1%
[10] - Other Leasing Income - - - 0.0% 0.0% 0.0%
[11] - Repossession Costs (0.3) (2.4) 2.1 (0.1%) (0.8%) 0.7%
----------------------------------- --------------------------------------------
[12] S [6]..[11] sub-total (5.5) (15.2) 9.7 (1.9%) (5.2%) 3.3%
[13] [4]+[5]+[12] Net Lease Rentals 270.1 277.0 (6.9) 92.4% 94.8% (2.4%)
[14] Interest Earned 6.9 5.8 1.1 2.4% 2.0% 0.4%
[15] Drawings from Expense Account - - - 0.0% 0.0% 0.0%
Maintenance Receipts 29.3 - 29.3 10.0% 0.0% 10.0%
Maintenance Payments (16.9) - (16.9) (5.8%) 0.0% (5.8%)
----------------------------------- --------------------------------------------
[15] Net Maintenance 12.4 - 12.4 4.2% 0.0% 4.2%
[16] S [13]..[15] Total Cash Collections 289.4 282.8 6.6 99.0% 96.8% 2.3%
- -------------------------------------------------------------------------------------- --------------------------------------------
CASH EXPENSES
Aircraft Operating Expenses
[17] - Insurance (0.1) - (0.1) (0.0%) 0.0% (0.0%)
[18] - Re-leasing and other overheads (8.3) (8.8) 0.5 (2.8%) (3.0%) 0.2%
[19] [17]+[18] subtotal (8.4) (8.8) 0.4 (2.9%) (3.0%) 0.1%
SG&A Expenses
[20] Aircraft Servicer Fees
- Retainer Fee (2.2) (2.4) 0.2 (0.8%) (0.8%) 0.1%
- Rent Collected Fee (2.6) (2.8) 0.2 (0.9%) (1.0%) 0.1%
- Previous Servicer Fees (1.8) - (1.8) (0.6%) 0.0% (0.6%)
----------------------------------- --------------------------------------------
[21] sub-total (6.6) (5.2) (1.4) (2.3%) (1.8%) (0.5%)
[22] Other Servicer Fees (14.3) (6.9) (7.4) (4.9%) (2.4%) (2.5%)
----------------------------------- --------------------------------------------
[23] [21]+[22] subtotal (20.9) (12.1) (8.8) (7.2%) (4.1%) (3.0%)
[24] [20]+[23] Total Cash Expenses (29.3) (20.9) (8.4) (10.0%) (7.2%) (2.9%)
- -------------------------------------------------------------------------------------- --------------------------------------------
NET CASH COLLECTIONS
[25] [17] Total Cash Collections 289.4 282.8 6.6 99.0% 96.8% 2.3%
[26] [24] Total Cash Expenses (29.3) (20.9) (8.4) (10.0%) (7.2%) (2.9%)
[27] Movement in Expense Account 8.7 - 8.7 3.0% 0.0% 3.0%
[28] Interest Payments (129.9) (159.1) 29.2 44.5%) (54.4%) 10.0%
[29] Swap Payments (28.7) 3.3 (32.0) (9.8%) 1.1% (11.0%)
[30] Proceeds from sale of aircraft 50.5 51.1 (0.6) 17.3% 17.5% (0.2%)
----------------------------------- --------------------------------------------
[31] S [25]..[30] TOTAL 160.7 157.2 3.5 55.0% 53.8% 1.2%
=================================== ============================================
- -------------------------------------------------------------------------------------- --------------------------------------------
[32] PRINCIPAL PAYMENTS
subclass A 139.3 135.6 3.7 47.7% 46.4% 1.3%
subclass B 17.8 18.0 (0.2) 6.1% 6.2% (0.1%)
subclass C 3.6 3.6 - 1.2% 1.2% 0.0%
subclass D - - - 0.0% 0.0% 0.0%
----------------------------------- --------------------------------------------
Total 160.7 157.2 3.5 55.0% 53.8% 1.2%
=================================== ============================================
- -------------------------------------------------------------------------------------- --------------------------------------------
Debt Balances
subclass A 859.1 862.8 (3.7)
subclass B 137.0 136.8 0.2
subclass C 160.5 160.5 -
subclass D 100.0 100.0 -
-----------------------------------
TOTAL 1,256.6 1,260.1 (3.5)
===================================
* Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales.
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] S [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 3.49%
[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] S [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] S [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 AerFi
[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] S [25]..[30] Exceptional Items Includes adjustment for aircraft included in the Basecase but not
acquired by AerCo
TOTAL
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AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
- ------------------------------------------------------------------------------------------------------------------------------------
Coverage Ratios 2000
--------------- Closing Actual *Adjusted Base Case
- ------------------------------------------------------------------------------------------------------------------------------------
Net Cash Collections 160.7 157.2
Add Back Interest 129.9 159.1
Add Back Swap Payments 28.7 (3.3)
a Net Cash Collections 319.3 313.0
b Swaps 28.7 (3.3)
c Class A Interest 77.6 104.0
d Class A Minimum 30.5 37.9
e Class B Interest 13.1 17.2
f Class B Minimum 8.4 8.3
g Class C Interest 16.7 21.5
h Class C Minimum - -
I Class D Interest 13.5 13.5
j Class D Minimum - -
k Class A Scheduled - -
l Class B Scheduled 8.9 9.7
m Class C Scheduled 3.7 3.7
n Class D Scheduled - -
o Permited Aircraft Modifications
p Class A Supplemental 108.8 97.7
----------------------------
Total 309.9 310.2
----------------------------
[1] Interest Coverage Ratio
Class A 3.00 3.11 = a/(b+c)
Class B 2.13 2.01 = a/(b+c+d+e)
Class C 1.82 1.69 = a/(b+c+d+e+f+g)
Class D 1.69 1.57 = a/(b+c+d+e+f+g+h+i)
[2] Debt Coverage Ratio
Class A 1.69 1.57 = a/(b+c+d+e+f+g+h+i+j+k)
Class B 1.62 1.50 = a/(b+c+d+e+f+g+h+i+j+k+l)
Class C 1.59 1.47 = a/(b+c+d+e+f+g+h+i+j+k+l+m)
Class D 1.59 1.47 = a/(b+c+d+e+f+g+h+i+j+k+l+m+n)
Loan-to-Value Ratios
-----------------------------------------------
2000
*Adjusted
2000 Base Case Actual Base Case
17-Jul-00 15-Feb-02 15-Feb-02
-----------------------------------------------
[3] Assumed Portfolio Value 1,566.7 1,382.4 1,382.7
Liquidity Reserve Amount
Cash 65.0 65.0 65.0
- Accrued Expenses 5.0 5.5 5.0
- Security Deposits 22.4 20.0 22.4
----------- ---------- ---------
subtotal cash 92.4 90.5 92.4
Letters of Credit - - -
----------- ---------- ---------
Total Liquidity Reserve 92.4 90.5 92.4
[4] Total Asset Value 1,659.1 1,472.9 1,475.1
Note Balance
Class A 998.4 60.2% 859.1 58.3% 862.8 58.5%
Class B 154.8 69.5% 137.0 67.6% 136.8 67.8%
Class C 164.1 79.4% 160.5 78.5% 160.5 78.6%
Class D 100.0 85.4% 100.0 85.3% 100.0 85.4%
----------- ---------- -------
Total 1,417.3 1,256.6 1,260.1
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* 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.
[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.
[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.
[4] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve Amount