SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
July 11, 2002
(Date of Earliest Event Reported)
AIRPLANES LIMITED AIRPLANES U.S. TRUST
(Exact Name of Registrants as Specified in Memorandum of Association or Trust
Agreement)
Jersey, Channel Islands Delaware
(State or Other Jurisdiction of Incorporation or Organization)
33-99970-01 13-3521640
(Commission File (IRS Employer
Number) Identification No.)
Airplanes Limited Airplanes U.S. Trust
22 Grenville Street 1100 North Market Street
St. Helier Rodney Square North
Jersey, JE4 8PX Wilmington, Delaware
Channel Islands 19890-0001
(011 44 1534 609 000) (1-302-651-1000)
(Addresses and Telephone Numbers, Including Area Codes, of
Registrants' Principal Executive Offices)
Item 5. Other Events
Attached hereto as Exhibit A is a copy of a Report to Certificate holders
dated July 11, 2002, sent to each holder of a Pass Through Certificate issued
by Airplanes Pass Through Trust.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
of the registrants has duly caused this report to be signed on its behalf by
the undersigned hereto duly authorized.
AIRPLANES LIMITED
Date: July 11, 2002 /s/ Roy M. Dantzic*
---------------------------------
Director and Officer
Date: July 11, 2002 AIRPLANES U.S. TRUST
/s/ Roy M. Dantzic*
---------------------------------
Controlling Trustee
and Officer
*By: /s/ Gerard Hastings
---------------------------------
Attorney-in-Fact
3
EXHIBIT INDEX
Exhibit A - Report to Certificateholders
Exhibit B - Power of Attorney for Airplanes Limited
Exhibit C - Power of Attorney for Airplanes U.S. Trust
4
Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise state
Payment Date: 15 July 2002.
Calculation Date: 09 July 2002.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
- -----------------------------------------------------------------------------------------------------------------------------------
Balance on
Prior Balance Deposits Withdrawals Calculation Date
- -----------------------------------------------------------------------------------------------------------------------------------
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 4,171,896.97 5,834,197.52 (7,872,065.01) 2,134,029.48
Collection Account (note iii) 149,211,978.15 45,437,059.59 (35,846,058.15) 158,802,979.59
- ---------------------------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve - -
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 32,224,784.00 33,365,920.00
- Other Collections (net of interim withdrawals) 36,987,194.15 45,437,059.59
- ---------------------------------------------------------------------------------------------------------------------------------
Total 153,383,875.12 51,271,257.11 (43,718,123.16) 160,937,009.07
- ---------------------------------------------------------------------------------------------------------------------------------
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
- ---------------------------------------------------------------------------------
Balance on preceding Calculation Date (June 11, 2002) 4,171,896.97
Transfer from Collection Account (previous Payment Date) 5,828,103.03
Transfer from Collection Account (interim deposit) 0.00
Interest Earned during period 6,094.49
Payments during period between prior Calculation Date
and the relevant Calculation Date:
- Payments on previous Payment Date (2,968,374.86)
- Other payments (4,903,690.15)
------------------
Balance on relevant Calculation Date (July 09, 2002) 2,134,029.48
- ---------------------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
- ---------------------------------------------------------------------------------
Balance on preceding Calculation Date (June 11, 2002) 149,211,978.15
Collections during period 45,437,059.59
Swap receipts (previous Payment Date) 0.00
Transfer to Expense Account (previous Payment Date) (5,828,103.03)
Transfer to Expense Account (interim withdrawal) 0.00
Net transfer to Lessee Funded Accounts 0.00
Aggregate Certificate Payments (previous Payment Date) (24,149,991.36)
Swap payments (previous Payment Date) (5,867,963.76)
------------------
Balance on relevant Calculation Date (July 09, 2002) 158,802,979.59
- ---------------------------------------------------------------------------------
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise state
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
=============================================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
==================================================
(i) Required Expense Amount 10,000,000.00 Note:
(ii) a) Class A Interest 3,039,187.74 Collections include a receipt of approximately
b) Swap Payments 4,921,941.08 $18.5M from a US lessee in respect of rentals
(iii) First Collection Account Top-up 60,000,000.00 and maintenance in connection with the early
(iv) Minimum Hedge Payment 0.00 termination of the leases of three DC8-71F
(v) Class A Minimum Principal 0.00 aircraft.
==================================================
(vi) Class B Interest 515,035.87
(vii) Class B Minimum Principal 1,442,563.23
(viii) Class C Interest 2,375,979.69
(ix) Class D Interest 3,580,412.50
(x) Second Collection Account Top-up 53,212,551.00
(xi) Class A Principal Adjustment Amount 21,849,337.96
(xii) Class C Scheduled Principal 0.00
(xiii) Class D Scheduled Principal 0.00
(xiv) Modification Payments 0.00
(xv) Soft Bullet Note Step-up Interest 0.00
(xvi) Class E Minimum Interest 0.00
(xvii) Supplemental Hedge Payment 0.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 0.00
(xx) Class D Outstanding Principal 0.00
(xxi) Class C Outstanding Principal 0.00
(xxii) Class E Supplemental Interest 0.00
(xxiii) Class B Outstanding Principal 0.00
(xxiv) Class A Outstanding Principal 0.00
(xxv) Class E Accrued Unpaid Interest 0.00
(xxvi) Class E Outstanding Principal 0.00
(xxvii) Charitable Trust 0.00
---------------
Total Payments with respect to Payment Date 160,937,009.07
Less Collection Account Top-Ups ((iii) and
(x) above) (113,212,551.00)
---------------
47,724,458.07
===============
=============================================================================================
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise state
(iv) PAYMENT ON THE CERTIFICATES
- ------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES A-6 A-8 A-9 Class B
Applicable LIBOR 1.84000% 1.84000% 1.84000% 1.84000%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 2.18000% 2.21500% 2.39000% 2.59000%
Interest Amount Payable 439,076.63 1,205,944.44 1,394,166.67 515,035.87
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 258,957,385.00 700,000,000.00 750,000,000.00 255,671,420.64
Minimum Principal Payment Amount 0.00 0.00 0.00 1,442,563.23
Adjusted Principal Payment Amount 21,849,337.96 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 21,849,337.96 0.00 0.00 1,442,563.23
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00 0.00
--------------------------------------------------------------------
Outstanding Principal Balance (July 15, 2002) 237,108,047.04 700,000,000.00 750,000,000.00 254,228,857.41
- ------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES Class C Class D
Applicable Interest Rate 8.1500% 10.8750%
Interest Amount Payable 2,375,979.69 3,580,412.50
Opening Principal Balance 349,837,500.00 395,080,000.00
Scheduled Principal Payment Amount 0.00 0.00
Redemption Amount 0.00 0.00
- amount allocable to principal 0.00 0.00
- amount allocable to premium 0.00 0.00
Actual Pool Factor 0.9329000 0.9877000
------------------------------------
Outstanding Principal Balance (July 15, 2002) 349,837,500.00 395,080,000.00
- ----------------------------------------------------------------------------------------
Table of rescheduled Pool Factors n/a n/a
in the event of a partial redemption
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise state
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
- -----------------------------------------------------------------------------------------------------------
A-6 A-8 A-9 Class B
Applicable LIBOR 1.83875% 1.83875% 1.83875% 1.83875%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 2.17875% 2.21375% 2.38875% 2.58875%
- ----------------------------------------------------------------------------------------------------------
(vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates)
- ----------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
A-6 A-8 A-9 Class B
Opening Principal Amount 2,589.57 7,000.00 7,500.00 2,556.71
Total Principal Payments (218.49) 0.00 0.00 (14.43)
---------------------------------------------------
Closing Outstanding Principal Balance 2,371.08 7,000.00 7,500.00 2,542.29
Total Interest 4.39 12.06 13.94 5.15
Total Premium 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------
(b) FIXED RATE CERTIFICATES
Class C Class D
Opening Principal Amount 3,498.38 3,950.80
Total Principal Payments 0.00 0.00
-----------------------
Outstanding Principal Balance 3,498.38 3,950.80
Total Interest 23.76 35.80
Total Premium 0.00 0.00
- --------------------------------------------------------------
Exhibit B
Attached hereto is a true and correct copy of a Power of Attorney given by
each of the persons signatory thereto.
/s/ John Banes
--------------
John Banes
POWER OF ATTORNEY
Each of the undersigned, being a Director and officer of Airplanes
Limited, hereby individually appoints Frank Haspel, John McMahon, Huib van
Doorn, Erwin den Dikken, Brian Marks, Gerry Hastings and Sean Brennan and each
of them, acting on behalf of debis AirFinance Financial Services (Ireland)
Limited (formerly AerFi Financial Services (Ireland) Limited), as
Administrative Agent of Airplanes 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 Airplanes Limited, to sign each
Report on Form 8-K which will be filed at least monthly, provided that where
any such Report on Form 8-K is required to contain any information in addition
to or other than a copy of the relevant monthly report to certificate holders,
the contents of such Report on Form 8-K shall be notified to any one Director
of Airplanes Limited prior to the filing thereof, each such Report on Form 8-K
containing a monthly report to certificate holders to be filed monthly on or
about the 15th day of each month and each other Report on Form 8-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 Jersey, Channel Islands on the
date indicated below.
Dated: June 6, 2002 /s/ William M. McCann
----------------------------
William M. McCann
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Roy M. Dantzic
----------------------------
Roy M. Dantzic
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Hugh R. Jenkins
----------------------------
Hugh R. Jenkins
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Richard E. Cavanagh
-----------------------
Richard E. Cavanagh
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Brian T. Hayden
----------------------------
Brian T. Hayden
Witness: /s/ Michael Walsh
----------------------------
Exhibit C
Attached hereto is a true and correct copy of a Power of Attorney given by
each of the persons signatory thereto.
/s/ John Banes
--------------
John Banes
POWER OF ATTORNEY
Each of the undersigned, being a Controlling Trustee and officer of
Airplanes U.S. Trust, hereby individually appoints Frank Haspel, John McMahon,
Huib van Doorn, Erwin den Dikken, Brian Marks, Gerry Hastings and Sean Brennan
and each of them, acting on behalf of debis AirFinance Financial Services
(Ireland) Limited (formerly AerFi Financial Services (Ireland) Limited), as
Administrative Agent of Airplanes U.S. Trust, 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 Controlling Trustee and an officer of
Airplanes U.S. Trust to sign each Report on Form 8-K which will be filed at
least monthly, provided that where any such Report on Form 8-K is required to
contain any information in addition to or other than a copy of the relevant
monthly report to certificate holders, the contents of such Report on Form 8-K
shall be notified to any one Controlling Trustee of Airplanes U.S. Trust prior
to the filing thereof, each such Report on Form 8-K containing a monthly report
to certificate holders to be filed monthly on or about the 15th day of each
month and each other Report on Form 8-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 the 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 Jersey, Channel Islands on the date
indicated below.
Dated: June 6, 2002 /s/ William M. McCann
----------------------------
William M. McCann
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Roy M. Dantzic
----------------------------
Roy M. Dantzic
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Hugh R. Jenkins
----------------------------
Hugh R. Jenkins
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Richard E. Cavanagh
----------------------------
Richard E. Cavanagh
Witness: /s/ Michael Walsh
----------------------------
Dated: June 6, 2002 /s/ Brian T. Hayden
----------------------------
Brian T. Hayden
Witness: /s/ Michael Walsh
----------------------------