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 June 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
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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. AerCo Limited Monthly Report to Noteholders for June 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: June 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 June-02
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 17-Jun-02
Current Calculation Date 11-Jun-02
Previous Payment Date 15-May-02
Previous Calculation Date 9-May-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-May-02 11-Jun-02
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Expense Account 572,519.18 7,094,010.19 (6,210,027.36) 1,456,502.01
Collection Account 95,716,587.75 17,980,925.94 (12,442,935.75) 101,254,577.94
Aircraft Purchase Account - - - -
- Liquidity Reserve cash balance 83,273,652.00 - - 82,055,402.00
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Total 96,289,106.93 29,639,313.78 (36,321,329.35) 102,711,079.95
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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 572,519.18
Transfer from Collection Account on previous Payment Date 7,091,921.64
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Interest Income 2,088.55
Balance on current Calculation Date
- Payments on previous payment date (4,160,748.53)
- Interim payments (2,049,278.83)
- Other
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Balance on Current Calculation Date 1,456,502.01
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4. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 95,716,587.75
Collections during period 17,980,925.94
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (3,427,480.82)
- Permitted Aircraft Modifications -
Interim Transfer to Expense Account -
Net Swap payments on previous Payment Date (3,664,440.82)
Aggregate Note Payments on previous Payment Date (5,351,014.11)
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Balance on Current Calculation Date 101,254,577.94
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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 17,055,402.00
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Liquidity Reserve Amount 82,055,402.00
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A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn.
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 17-Jun-02
Current Calculation Date 11-Jun-02
Previous Payment Date 15-May-02
Previous Calculation Date 9-May-02
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Balance in Collection and Expense Account 102,711,079.95
Liquidity Reserve Amount (82,055,402.00)
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Available Collections 20,655,677.95
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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 6,000,000.00
(II) a) Class A Interest but excluding Step-up 1,785,749.11
b) Swap Payments other than subordinated swap payments 3,995,454.47
(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 331,480.91
(vi) Class B Minimum principal payment 100,273.98
(vii) Class C Interest 516,070.89
(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 52,055,402.00
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 543,549.58
(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 6,280,790.65
(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 102,711,079.95
less collection Account Top Ups (iii) (b) and (xi) (b) above 82,055,402.00
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20,655,677.95
==========================
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AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 17-Jun-02
Current Calculation Date 11-Jun-02
Previous Payment Date 15-May-02
Previous Calculation Date 9-May-02
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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 1.84000% 1.84000% 1.84000%
Applicable Margin 0.3200% 0.4600% 0.5200%
Applicable Interest Rate 2.16000% 2.30000% 2.36000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 33 33 33
Interest Amount Payable 267,274.58 1,191,208.33 327,266.20
Step-up Interest Amount Payable NA NA NA
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Total Interest Paid 267,274.58 1,191,208.33 327,266.20 1,785,749.11
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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 134,987,161.48 565,000,000.00 151,278,674.04 851,265,835.52
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Extended Pool Factors 60.72% 100.00% 86.33%
Pool Factors 49.49% 100.00% 75.23%
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Minimum Principal Payment - - - -
Scheduled Principal Payment - - - -
Supplemental Principal Payment 2,961,674.07 - 3,319,116.58 6,280,790.65
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Total Principal Distribution Amount 2,961,674.07 - 3,319,116.58 6,280,790.65
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Redemption Amount
- - amount allocable to principal -
- - amount allocable to premium
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Closing Outstanding Principal Balance 132,025,487.41 565,000,000.00 147,959,557.46 844,985,044.87
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(Table -- to be continued)
(Table -- continued)
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5. Payments on the Notes by Subclass
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Subclass Subclass Total Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B C-1 C-2 Class C
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Applicable LIBOR 1.84000% 1.84000% 1.84000% 1.84000%
Applicable Margin 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 2.44000% 2.89000% 3.19000% 3.89000%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 33 33 33 33
Interest Amount Payable 146,254.42 185,226.48 237,840.24 278,230.65
Step-up Interest Amount Payable NA NA NA NA
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Total Interest Paid 146,254.42 185,226.48 331,480.91 237,840.24 278,230.65 516,070.89
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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
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Original Balance 85,000,000.00 80,000,000.00 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 65,389,459.19 69,918,773.51 135,308,232.70 81,336,074.56 78,026,824.59 159,362,899.15
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Extended Pool Factors 85.90% 99.56% 99.10% 99.30%
Pool Factors 79.51% 98.25% 95.38% 97.22%
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Minimum Principal Payment 48,458.70 51,815.28 100,273.98 - - -
Scheduled Principal Payment 262,677.39 280,872.19 543,549.58 201,683.17 192,291.86 393,975.03
Supplemental Principal Payment - - - - - -
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Total Principal Distribution Amount 311,136.09 332,687.47 643,823.56 201,683.17 192,291.86 393,975.03
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Redemption Amount - -
- - amount allocable to principal - -
- - amount allocable to premium - -
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Closing Outstanding Principal Balance 65,078,323.10 69,586,086.04 134,664,409.14 81,134,391.39 77,834,532.73 158,968,924.12
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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 17-Jun-02
Current Calculation Date 11-Jun-02
Previous Payment Date 15-May-02
Previous Calculation Date 9-May-02
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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 14-Jun-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 134,987.16 565,000.00 151,278.67 65,389.46 69,918.77 81,336.07 78,026.82
Total Principal Payments 2,961.67 - 3,319.12 311.14 332.69 201.68 192.29
Closing Outstanding Principal Balance 132,025.49 565,000.00 147,959.56 65,078.32 69,586.09 81,134.39 77,834.53
Total Interest 267.27 1,191.21 327.27 146.25 185.23 237.84 278.23
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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