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 March 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
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1. AerCo Limited Monthly Report to Noteholders for March 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: March 13, 2003
AERCO LIMITED
(Registrant)
By: /s/ Adrian Robinson
------------------------------
Name: Adrian Robinson
Title: Attorney-in-Fact
Page 3 of 3
Item 1
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month March-03
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 17-Mar-03
Current Calculation Date 11-Mar-03
Previous Payment Date 18-Feb-03
Previous Calculation Date 11-Feb-03
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1. Account Activity Summary between Calculation Dates
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Prior Deposits Withdrawals Balance on
Balance Calculation Date
11-Feb-03 11-Mar-03
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Expense Account 3,694,341.02 1,308,686.42 (2,344,821.90) 2,658,205.54
Collection Account 93,315,768.40 12,997,014.38 (12,400,366.40) 93,912,416.38
Aircraft Purchase Account - - - -
- Liquidity Reserve cash balance 80,915,402.00 100,000.00 - 81,015,402.00
- -------------------------------------------------------------------------------------------------
Total 97,010,109.42 14,305,700.80 (14,745,188.30) 96,570,621.92
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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 Expense Account Activity
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Opening Balance on Previous Calculation Date 3,694,341.02
Transfer from Collection Account on previous Payment Date 1,305,658.98
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Interest Income 3,027.44
Balance on current Calculation Date
- Payments on previous payment date (1,521,898.70)
- Interim payments
- Other (822,923.20)
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Balance on Current Calculation Date 2,658,205.54
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4. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 93,315,768.40
Collections during period 12,997,014.38
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (1,305,658.98)
- Permitted Aircraft Modifications -
Interim Transfer to Expense Account -
Net Swap payments on previous Payment Date (4,138,715.62)
Aggregate Note Payments on previous Payment Date (6,955,991.80)
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Balance on Current Calculation Date 93,912,416.38
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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 16,015,402.00
----------------
Liquidity Reserve Amount 81,015,402.00
----------------
A Liquidity Facility of $35 million is also available to AerCo as a primary
eligible credit facility, but remains undrawn.
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Page 1 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 17-Mar-03
Current Calculation Date 11-Mar-03
Previous Payment Date 18-Feb-03
Previous Calculation Date 11-Feb-03
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Balance in Collection and Expense Account 96,570,621.92
Liquidity Reserve Amount (81,015,402.00)
----------------
Available Collections 15,555,219.92
================
4. Analysis of Collection Account Activity (Continued)
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Analysis of Current Payment Date Distributions
(I) Total Required Expense Amount 5,000,000.00
(II) a) Class A Interest but excluding Step-up 1,089,875.81
b) Swap Payments other than subordinated swap
payments 3,289,558.89
(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 211,510.57
(vi) Class B Minimum principal payment 31,819.97
(vii) Class C Interest 353,063.24
(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 51,015,402.00
(xii) Class A Scheduled principal 4,871,058.11
(xiii) Class B Scheduled principal -
(xiv) Class C Scheduled principal -
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest -
(xviii) Class A Supplemental principal -
(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 96,570,621.92
less collection Account Top Ups
(iii) (b) and (xi) (b) above 81,015,402.00
------------------
15,555,219.92
==================
-
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Page 2 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 17-Mar-03
Current Calculation Date 11-Mar-03
Previous Payment Date 18-Feb-03
Previous Calculation Date 11-Feb-03
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 1.34000% 1.34000% 1.34000%
Applicable Margin 0.3200% 0.4600% 0.5200%
Applicable Interest Rate 1.66000% 1.80000% 1.86000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 27 27 27
Interest Amount Payable 146,798.65 736,673.58 206,403.58 1,089,875.81
Step-up Interest Amount Payable NA 204,631.55 NA 204,631.55
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Total Interest Paid 146,798.65 736,673.58 206,403.58 1,089,875.81
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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 117,910,559.07 545,684,134.79 147,959,557.46 811,554,251.32
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Extended Pool Factors 51.74% 100.00% 77.87%
Pool Factors 38.85% 100.00% 67.68%
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Minimum Principal Payment - - - -
Scheduled Principal Payment 4,871,058.11 - - 4,871,058.11
Supplemental Principal Payment - - - -
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Total Principal Distribution Amount 4,871,058.11 - - 4,871,058.11
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Redemption Amount
- - amount allocable to principal -
- - amount allocable to premium
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Closing Outstanding Principal Balance 113,039,500.96 545,684,134.79 147,959,557.46 806,683,193.21
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Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
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Applicable LIBOR 1.34000% 1.34000%
Applicable Margin 0.6000% 1.0500%
Applicable Interest Rate 1.94000% 2.39000%
Day Count Act/360 Act/360
Actual Number of Days 27 27
Interest Amount Payable 91,192.51 120,318.05 211,510.57
Step-up Interest Amount Payable NA NA
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Total Interest Paid 91,192.51 120,318.05 211,510.57
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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
Opening Outstanding Principal Balance 85,000,000.00 80,000,000.00
62,675,266.95 67,123,041.83 129,798,308.78
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Extended Pool Factors 81.16% 98.66%
Pool Factors 74.39% 96.76%
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Minimum Principal Payment 15,364.80 16,455.17 31,819.97
Scheduled Principal Payment - - -
Supplemental Principal Payment - - -
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Total Principal Distribution Amount 15,364.80 16,455.17 31,819.97
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Redemption Amount
- - amount allocable to principal
- - amount allocable to premium
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Closing Outstanding Principal Balance 62,659,902.15 67,106,586.66 129,766,488.81
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Subclass Subclass Total
Floating Rate Notes C-1 C-2 Class C
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Applicable LIBOR 1.34000% 1.34000%
Applicable Margin 1.3500% 2.0500%
Applicable Interest Rate 2.69000% 3.39000%
Day Count Act/360 Act/360
Actual Number of Days 27 27
Interest Amount Payable 159,860.06 193,203.18 353,063.24
Step-up Interest Amount Payable NA NA
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Total Interest Paid 159,860.06 193,203.18 353,063.24
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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
Opening Outstanding Principal Balance 85,000,000.00 80,000,000.00
79,236,710.01 75,989,451.34 155,226,161.35
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Extended Pool Factors 98.08% 97.86%
Pool Factors 93.09% 94.84%
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Minimum Principal Payment - - -
Scheduled Principal Payment - - -
Supplemental Principal Payment - - -
- ------------------------------------------------------------------------------------------------
Total Principal Distribution Amount - - -
- ------------------------------------------------------------------------------------------------
Redemption Amount - -
- - amount allocable to principal - -
- - amount allocable to premium - -
- ------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 79,236,710.01 75,989,451.34 155,226,161.35
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Fixed Rate Notes D-2
- ----------------------------------------------------------------------
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
- ----------------------------------------------------------------------
Total Principal Distribution Amount -
- ----------------------------------------------------------------------
Redemption Amount -
- - amount allocable to principal -
-------------------
- - amount allocable to premium -
- ----------------------------------------------------------------------
Closing Outstanding Principal Balance 100,000,000.00
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Page 3 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 17-Mar-03
Current Calculation Date 11-Mar-03
Previous Payment Date 15-Jan-03
Previous Calculation Date 9-Jan-03
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6. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 18-Feb-03
End of Interest Accrual Period 16-Mar-03
Reference Date 13-Feb-03
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A-2 A-3 A-4 B-1 B-2 C-1 C-2
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Applicable LIBOR 1.28000% 1.28000% 1.28000% 1.28000% 1.28000% 1.28000% 1.28000%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 1.6000% 1.7400% 1.8000% 1.8800% 2.3300% 2.6300% 3.3300%
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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
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Opening Outstanding Principal Balance 117,910.56 545,684.13 147,959.56 62,675.27 67,123.04
Total Principal Payments 4,871.06 - - 15.36 16.46
Closing Outstanding Principal Balance 113,039.50 545,684.13 147,959.56 62,659.90 67,106.59
Total Interest 146.80 736.67 206.40 91.19 120.32
Total Premium 0.0000% 0.5000% 0.0000% 0.0000% 0.0000%
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- --------------------------------------------------------------------
(a) Floating Rate Notes C-1 C-2
- -------------------------------------------------------------------
Opening Outstanding Principal Balance 79,236.71 75,989.45
Total Principal Payments - -
Closing Outstanding Principal Balance 79,236.71 75,989.45
Total Interest 159.86 193.20
Total Premium 0.0000% 0.0000%
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- ---------------------------------------------------------------------
(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 -
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Page 4 of 7
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
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
--------------------------