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 May 13, 2002
AERCO LIMITED
22 Grenville Street
St. Helier
Jersey, JE4 8PX
Channel Islands
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(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
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1. AerCo Limited Monthly Report to Noteholders for May 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: May 13, 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 May-02
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-May-02
Current Calculation Date 9-May-02
Previous Payment Date 15-Apr-02
Previous Calculation Date 9-Apr-02
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1. Account Activity Summary between Calculation Dates
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Prior Deposits Withdrawals Balance on
Balance Calculation Date
9-Apr-02 9-May-02
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Expense Account 4,984,945.59 3,714,267.95 (8,126,694.36) 572,519.18
Collection Account 92,576,634.78 12,542,935.75 (9,402,982.78) 95,716,587.75
Aircraft Purchase Account - - - -
- Liquidity Reserve cash balance 83,173,652.00 100,000.00 - 83,273,652.00
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Total 97,561,580.37 29,639,313.78 (36,321,329.35) 96,289,106.93
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2. Analysis of Aircraft Purchase Account Activity
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Opening Balance on Previous Calculation Date -
Interest Income -
Aircraft Purchase Payments -
Economic Swap Payments -
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Balance on Current Calculation Date -
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3. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date 4,984,945.59
Transfer from Collection Account on previous Payment Date 3,711,499.84
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Interest Income 2,768.11
Balance on current Calculation Date
- Payments on previous payment date (6,516,728.15)
- Interim payments (1,609,966.21)
- Other
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Balance on Current Calculation Date 572,519.18
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4. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 92,576,634.78
Collections during period 12,542,935.75
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (15,054.41)
- Permitted Aircraft Modifications -
Interim Transfer to Expense Account -
Net Swap payments on previous Payment Date (3,696,445.43)
Aggregate Note Payments on previous Payment Date (5,691,482.94)
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Balance on Current Calculation Date 95,716,587.75
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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 18,273,652.00
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Liquidity Reserve Amount 83,273,652.00
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A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn.
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AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-May-02
Current Calculation Date 9-May-02
Previous Payment Date 15-Apr-02
Previous Calculation Date 9-Apr-02
===============================================================================
Balance in Collection and Expense Account 96,289,106.93
Liquidity Reserve Amount (83,273,652.00)
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Available Collections 13,015,454.93
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4. Analysis of Collection Account Activity (Continued)
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Analysis of Current Payment Date Distributions
(I) Total Required Expense Amount 4,000,000.00
(II) a) Class A Interest but excluding Step-up 1,639,973.02
b) Swap Payments other than subordinated swap payments 3,664,440.82
(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 304,909.37
(vi) Class B Minimum principal payment 36,774.97
(vii) Class C Interest 472,974.76
(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 53,273,652.00
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 546,148.27
(xiv) Class C Scheduled principal 393,975.03
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest -
(xviii) Class A Supplemental principal 1,247,925.36
(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 -
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Total Payments with respect to Payment Date 96,289,106.93
less collection Account Top Ups (iii) (b) and (xi) (b) above 83,273,652.00
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13,015,454.93
=======================
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AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-May-02
Current Calculation Date 9-May-02
Previous Payment Date 15-Apr-02
Previous Calculation Date 9-Apr-02
===============================================================================
5. Payments on the Notes by Subclass
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Subclass Subclass Subclass Total
Floating Rate Notes A-2 A-3 A-4 Class A
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Applicable LIBOR 1.86000% 1.86000% 1.86000%
Applicable Margin 0.3200% 0.4600% 0.5200%
Applicable Interest Rate 2.18000% 2.32000% 2.38000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 30 30 30
Interest Amount Payable 246,295.70 1,092,333.33 301,343.99
Step-up Interest Amount Payable NA NA NA
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Total Interest Paid 246,295.70 1,092,333.33 301,343.99 1,639,973.02
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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
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Original Balance 290,000,000.00 565,000,000.00 235,000,000.00
Opening Outstanding Principal Balance 135,575,614.17 565,000,000.00 151,938,146.71 852,513,760.88
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Extended Pool Factors 61.68% 100.00% 87.34%
Pool Factors 50.61% 100.00% 76.10%
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Minimum Principal Payment - - - -
Scheduled Principal Payment - - - -
Supplemental Principal Payment 588,452.69 - 659,472.67 1,247,925.36
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Total Principal Distribution Amount 588,452.69 - 659,472.67 1,247,925.36
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Redemption Amount
- - amount allocable to principal -
- - amount allocable to premium
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Closing Outstanding Principal Balance 134,987,161.48 565,000,000.00 151,278,674.04 851,265,835.52
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Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
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Applicable LIBOR 1.86000% 1.86000%
Applicable Margin 0.6000% 1.0500%
Applicable Interest Rate 2.46000% 2.91000%
Day Count Act/360 Act/360
Actual Number of Days 30 30
Interest Amount Payable 134,625.89 170,283.48
Step-up Interest Amount Payable NA NA
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Total Interest Paid 134,625.89 170,283.48 304,909.37
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Expected Final Payment Date 15-Jul-13 15-Jun-08
Excess Amortisation Date 17-Aug-98 15-Aug-00
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Original Balance 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 65,671,164.41 70,219,991.53 135,891,155.94
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Extended Pool Factors 86.38% 99.63%
Pool Factors 80.09% 98.39%
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Minimum Principal Payment 17,771.98 19,002.99 36,774.97
Scheduled Principal Payment 263,933.24 282,215.03 546,148.27
Supplemental Principal Payment - - -
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Total Principal Distribution Amount 281,705.22 301,218.02 582,923.24
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Redemption Amount
- - amount allocable to principal
- - amount allocable to premium
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Closing Outstanding Principal Balance 65,389,459.19 69,918,773.51 135,308,232.70
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Subclass Subclass Total
Floating Rate Notes C-1 C-2 Class C
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Applicable LIBOR 1.86000% 1.86000%
Applicable Margin 1.3500% 2.0500%
Applicable Interest Rate 3.21000% 3.91000%
Day Count Act/360 Act/360
Actual Number of Days 30 30
Interest Amount Payable 218,125.86 254,848.90
Step-up Interest Amount Payable NA NA
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Total Interest Paid 218,125.86 254,848.90 472,974.76
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Expected Final Payment Date 15-Jul-13 15-Jun-08
Excess Amortisation Date 17-Aug-98 15-Aug-00
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Original Balance 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 81,542,377.69 78,214,496.49 159,756,874.18
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Extended Pool Factors 99.19% 99.41%
Pool Factors 95.60% 97.44%
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Minimum Principal Payment - - -
Scheduled Principal Payment 206,303.13 187,671.90 393,975.03
Supplemental Principal Payment - - -
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Total Principal Distribution Amount 206,303.13 187,671.90 393,975.03
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Redemption Amount - -
- - amount allocable to principal - -
- - amount allocable to premium - -
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Closing Outstanding Principal Balance 81,336,074.56 78,026,824.59 159,362,899.15
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Fixed Rate Notes D-2
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Applicable Interest Rate 8.50000%
Day count 30 / 360
Number of Days 30
Interest Amount Payable 708,333.33
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Total Interest Paid 708,333.33
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Expected Final Payment Date 15-Mar-14
Excess Amortisation Date 15-Jul-10
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Original Balance 100,000,000.00
Opening Outstanding Principal Balance 100,000,000.00
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Extended Pool Factors 100.00%
Expected Pool Factors 100.00%
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Extended Amount -
Expected Pool Factor Amount -
Surplus Amortisation
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Total Principal Distribution Amount -
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Redemption Amount -
- - amount allocable to principal -
------------------
- - amount allocable to premium -
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Closing Outstanding Principal Balance 100,000,000.00
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AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Apr-02
Current Calculation Date 9-Apr-02
Previous Payment Date 15-Mar-02
Previous Calculation Date 11-Mar-02
===============================================================================
6. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-May-02
End of Interest Accrual Period 17-Jun-02
Reference Date 9-May-02
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A-2 A-3 A-4 B-1 B-2 C-1 C-2
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Applicable LIBOR 1.84000% 1.84000% 1.84000% 1.84000% 1.84000% 1.84000% 1.84000%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 2.1600% 2.3000% 2.3600% 2.4400% 2.8900% 3.1900% 3.8900%
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Fixed Rate Notes D-1
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Actual Pool Factor 100.00%
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7. Payments per $ 1,000 Inital Outstanding Principal Balance of Notes
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(a) Floating Rate Notes A-2 A-3 A-4 B-1 B-2 C-1 C-2
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Opening Outstanding Principal Balance 135,575.61 565,000.00 151,938.15 65,671.16 70,219.99 81,542.38 78,214.50
Total Principal Payments 588.45 - 659.47 281.71 301.22 206.30 187.67
Closing Outstanding Principal Balance 134,987.16 565,000.00 151,278.67 65,389.46 69,918.77 81,336.07 78,026.82
Total Interest 246.30 1,092.33 301.34 134.63 170.28 218.13 254.85
Total Premium 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
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(b) Fixed Rate Notes D-2
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Opening Outstanding Principal Balance 100,000.00
Total Principal Payments -
Closing Outstanding Principal Balance 100,000.00
Total Interest 708.33
Total Premium -
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