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 January 13, 2003
Commission File Number 333-66973
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 if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): [_]
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]
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- _____
INDEX TO EXHIBITS
Item
1. AerCo Limited Monthly Report to Noteholders for January 2003.
24. Power of Attorney for AerCo Limited.
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: January 13, 2003
AERCO LIMITED
(Registrant)
By: /s/ Pat Keating
--------------------------
Name: Pat Keating
Title: Attorney-in-Fact
Page 3 of 3
Item 1
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month January-03
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-Jan-03
Current Calculation Date 9-Jan-03
Previous Payment Date 16-Dec-02
Previous Calculation Date 10-Dec-02
===============================================================================
1. Account Activity Summary between Calculation Dates
- -----------------------------------------------------------------------------------------------------------------------
Prior Deposits Withdrawals Balance on
Balance Calculation Date
10-Dec-02 9-Jan-03
- -----------------------------------------------------------------------------------------------------------------------
Expense Account 3,571,942.64 6,561,784.94 (6,118,202.13) 4,015,525.45
Collection Account 95,616,730.38 11,178,329.59 (14,221,328.38) 92,573,731.59
Aircraft Purchase Account - - - -
- Liquidity Reserve cash balance 81,395,402.00 - (500,000.00) 80,895,402.00
- -----------------------------------------------------------------------------------------------------------------------
Total 99,188,673.02 17,740,114.53 (20,339,530.51) 96,589,257.04
- -----------------------------------------------------------------------------------------------------------------------
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 Expense Account Activity
- -----------------------------------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 3,571,942.64
Transfer from Collection Account on previous Payment Date 6,557,434.14
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Interest Income 4,350.80
Balance on current Calculation Date
- Payments on previous payment date (4,561,209.11)
- Interim payments
- Other (1,556,993.02)
- -----------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date 4,015,525.45
- -----------------------------------------------------------------------------------------------------------------------
4. Analysis of Collection Account Activity
- -----------------------------------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 95,616,730.38
Collections during period 11,178,329.59
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (2,628,057.36)
- Permitted Aircraft Modifications -
Interim Transfer to Expense Account -
Net Swap payments on previous Payment Date (3,929,376.78)
Aggregate Note Payments on previous Payment Date (7,663,894.24)
- -----------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date 92,573,731.59
- -----------------------------------------------------------------------------------------------------------------------
-
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 15,895,402.00
---------------------
Liquidity Reserve Amount 80,895,402.00
---------------------
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-Jan-03
Current Calculation Date 9-Jan-03
Previous Payment Date 16-Dec-02
Previous Calculation Date 10-Dec-02
===============================================================================
Balance in Collection and Expense Account 96,589,257.04
Liquidity Reserve Amount (80,895,402.00)
---------------------
Available Collections 15,693,855.04
=====================
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 1,272,650.73
b) Swap Payments other than subordinated swap payments 3,695,498.76
(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 246,021.87
(vi) Class B Minimum principal payment 74,943.29
(vii) Class C Interest 405,284.92
(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 50,895,402.00
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 626,589.94
(xiv) Class C Scheduled principal 492,468.78
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest 227,368.39
(xviii) Class A Supplemental principal 2,444,695.03
(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 96,589,257.04
less collection Account Top Ups (iii) (b) and (xi) (b) above 80,895,402.00
---------------------
15,693,855.04
=====================
- -----------------------------------------------------------------------------------------------------------
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Jan-03
Current Calculation Date 9-Jan-03
Previous Payment Date 16-Dec-02
Previous Calculation Date 10-Dec-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 1.42000% 1.42000% 1.42000%
Applicable Margin 0.3200% 0.4600% 0.5200%
Applicable Interest Rate 1.74000% 1.88000% 1.94000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 30 30 30
Interest Amount Payable 178,544.30 854,905.14 239,201.28
Step-up Interest Amount Payable NA 227,368.39 NA
- -----------------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 178,544.30 1,082,273.53 239,201.28 1,500,019.12
- -----------------------------------------------------------------------------------------------------------------------------------
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 123,134,000.00 545,684,134.79 147,959,557.46 816,777,692.25
- -----------------------------------------------------------------------------------------------------------------------------------
Extended Pool Factors 53.76% 100.00% 79.67%
Pool Factors 41.34% 100.00% 69.32%
- -----------------------------------------------------------------------------------------------------------------------------------
Minimum Principal Payment - - - -
Scheduled Principal Payment - - - -
Supplemental Principal Payment 2,444,695.03 - - 2,444,695.03
- -----------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 2,444,695.03 - - 2,444,695.03
- -----------------------------------------------------------------------------------------------------------------------------------
Redemption Amount
- - amount allocable to principal -
- - amount allocable to premium
- -----------------------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 120,689,304.97 545,684,134.79 147,959,557.46 814,332,997.22
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
- ---------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 1.42000% 1.42000%
Applicable Margin 0.6000% 1.0500%
Applicable Interest Rate 2.02000% 2.47000%
Day Count Act/360 Act/360
Actual Number of Days 30 30
Interest Amount Payable 106,619.76 139,402.11
Step-up Interest Amount Payable NA NA
- ---------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 106,619.76 139,402.11 246,021.87
- ---------------------------------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Jul-13 15-Jun-08
Excess Amortisation Date 17-Aug-98 15-Aug-00
- ---------------------------------------------------------------------------------------------------------------------------
Original Balance 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 63,338,471.38 67,725,720.48 131,064,191.86
- ---------------------------------------------------------------------------------------------------------------------------
Extended Pool Factors 82.22% 98.90%
Pool Factors 75.55% 97.13%
- ---------------------------------------------------------------------------------------------------------------------------
Minimum Principal Payment 36,217.32 38,725.97 74,943.29
Scheduled Principal Payment 354,481.42 272,108.52 626,589.94
Supplemental Principal Payment - - -
- ---------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 390,698.74 310,834.49 701,533.23
- ---------------------------------------------------------------------------------------------------------------------------
Redemption Amount
- - amount allocable to principal
- - amount allocable to premium
- ---------------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 62,947,772.64 67,414,885.99 130,362,658.63
- ---------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Subclass Subclass Total
Floating Rate Notes C-1 C-2 Class C
- ----------------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 1.42000% 1.42000%
Applicable Margin 1.3500% 2.0500%
Applicable Interest Rate 2.77000% 3.47000%
Day Count Act/360 Act/360
Actual Number of Days 30 30
Interest Amount Payable 184,088.05 221,196.87
Step-up Interest Amount Payable NA NA
- ----------------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 184,088.05 221,196.87 405,284.92
- ----------------------------------------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Jul-13 15-Jun-08
Excess Amortisation Date 17-Aug-98 15-Aug-00
- ----------------------------------------------------------------------------------------------------------------------------------
Original Balance 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 79,749,334.52 76,494,595.65 156,243,930.17
- ----------------------------------------------------------------------------------------------------------------------------------
Extended Pool Factors 98.35% 98.24%
Pool Factors 93.65% 95.43%
- ----------------------------------------------------------------------------------------------------------------------------------
Minimum Principal Payment - - -
Scheduled Principal Payment 243,120.65 249,348.13 492,468.78
Supplemental Principal Payment - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 243,120.65 249,348.13 492,468.78
- ----------------------------------------------------------------------------------------------------------------------------------
Redemption Amount - -
- - amount allocable to principal - -
- - amount allocable to premium - -
- ----------------------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 79,506,213.87 76,245,247.52 155,751,461.39
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Jan-03
Current Calculation Date 9-Jan-03
Previous Payment Date 15-Jan-03
Previous Calculation Date 9-Jan-03
===============================================================================
6. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-Jan-03
End of Interest Accrual Period 17-Feb-03
Reference Date 13-Jan-03
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 A-3 A-4 B-1 B-2 C-1 C-2
- ------------------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 1.37000% 1.37000% 1.37000% 1.37000% 1.37000% 1.37000% 1.37000%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 1.6900% 1.8300% 1.8900% 1.9700% 2.4200% 2.7200% 3.4200%
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------
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 123,134.00 545,684.13 147,959.56 63,338.47 67,725.72 79,749.33 76,494.60
Total Principal Payments 2,444.70 - - 390.70 310.83 243.12 249.35
Closing Outstanding Principal Balance 120,689.30 545,684.13 147,959.56 62,947.77 67,414.89 79,506.21 76,245.25
Total Interest 178.54 1,082.27 239.20 106.62 139.40 184.09 221.20
Total Premium 0.0000% 0.5000% 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 -
- -----------------------------------------------------
Item 24
POWER OF ATTORNEY
Each of the undersigned, being a Director and officer of AerCo Limited,
hereby individually appoints John McMahon, Huib van Doorn, Sean Brennan, Brian
Marks, Wouter Marinus den Dikken, Pat Keating, Aengus Kelly and Caroline Jones
and each of them, acting on behalf of debis AirFinance Administrative Services
Limited, as Administrative Agent of AerCo 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 AerCo Limited,
to sign each Report on Form 6-K which will be filed at least monthly, provided
that where any such Report on Form 6-K is required to contain any information
in addition to or other than a copy of the relevant monthly report to
noteholders the contents of such Report on Form 6-K shall be approved by any
one Director of AerCo Limited prior to the filing thereof, each such Report on
Form 6-K containing a monthly report to noteholders to be filed monthly on or
about the 15th day of each month and each other Report on Form 6-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 Shannon, Ireland on the date indicated
below.
Dated: 24 July 2002 /s/ G. Adrian Robinson
------------------------
G. Adrian Robinson
Witness: /s/ B. C. Robins
Dated: 24 July 2002 /s/ Peter Sokell
------------------------
Peter Sokell
Witness: /s/ B. C. Robins
Dated: 24 July 2002 /s/ Kenneth N. Peters
------------------------
Kenneth N. Peters
Witness: /s/ B. C. Robins
Dated: 24 July 2002 /s/ M. John McMahon
------------------------
M. John McMahon
Witness: /s/ B. C. Robins
Dated: 9 August 2002 /s/ Sean Brennan
------------------------
Sean Brennan
Witness: Marian Kennedy