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 15, 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
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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
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INDEX TO EXHIBITS
Item
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1. Press Release dated May 15, 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 15, 2002
AERCO LIMITED
By: /s/ Adrian Robinson
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Name: Adrian Robinson
Title: Attorney-in-Fact
Page 3 of 3
Item 1
AerCo Limited
PRESS RELEASE
May 15, 2002
In July 2000, AerCo issued subclass A-3 notes in the principal amount of $565
million and bearing interest at Libor plus 0.46% with an expected final payment
date of June 15, 2002 and a final maturity date of July 15, 2025. At the time
the subclass A-3 notes were issued, the expected final payment date was
scheduled based on an assumption that these notes would be refinanced on June
15,2002. In accordance with the documents governing the terms of these notes,
step-up interest of 0.50% will begin to accrue on the subclass A-3 notes if
they are not repaid or refinanced by their expected final payment date.
Notwithstanding the current difficult conditions in the capital markets, over
the last number of months, the Board of Directors of AerCo, in consultation
with its advisers, has given extensive consideration to the economic
feasibility of refinancing the subclass A-3 notes on or before June 15, 2002,
including a review of various structural enhancements which might have rendered
such a refinancing viable.
The Board of Directors has determined that, in the current market conditions,
it is not in the economic interests of AerCo to refinance the subclass A-3
notes on or before June 15, 2002. Accordingly, step-up interest of 0.50% per
annum will become due and payable from June 15,2002 on the subclass A-3 notes
until they are repaid in full. Under the schedule of required payment
priorities applicable to AerCo, step-up interest is payable after payment of
interest, minimum principal and scheduled principal on AerCo's class A, class
B, class C and class D notes and any aircraft modification payments.
The Board of Directors of AerCo will continue to monitor market conditions and
to assess when and if a refinancing of the subclass A-3 notes is appropriate.
Any questions regarding this press release should be directed to Patrick
Dalton, Paul Farrell or Brian Marks of debis AirFinance Ireland plc as
Administrative Agent for AerCo, at +353 61 723607 or +353 61 723610 or
+353 61 723635.