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
April 11, 2003
(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 April 11, 2003, 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: April 11, 2003 /s/ Roy M. Dantzic*
-----------------------------
Director and Officer
Date: April 11, 2003 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 stated
Payment Date: 15 April 2003.
Calculation Date: 9 April 2003.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
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Balance on
Prior Balance Deposits Withdrawals Calculation Date
- ------------------------------------------------------------------------------------------------------------------------------------
11-Mar-03 9-Apr-03
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 6,055,366.47 6,451,592.08 (8,649,459.56) 3,857,498.99
Collection Account (note iii) 135,556,039.38 23,783,951.95 (25,485,672.38) 133,854,318.95
- ------------------------------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve - -
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 29,865,366.00 30,070,367.00
- Other Collections (net of interim withdrawals) 25,690,673.38 23,783,951.95
- ------------------------------------------------------------------------------------------------------------------------------------
Total 141,611,405.85 30,235,544.03 (34,135,131.94) 137,711,817.94
- ------------------------------------------------------------------------------------------------------------------------------------
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
- ----------------------------------------------------------------------------------
Balance on preceding Calculation Date (March 11, 2003) 6,055,366.47
Transfer from Collection Account (previous Payment Date) 6,444,633.53
Transfer from Collection Account (interim deposit) 0.00
Interest Earned during period 6,958.55
Payments during period between prior Calculation Date and
the relevant Calculation Date:
- Payments on previous Payment Date (2,650,846.01)
- Other payments (5,998,613.55)
------------------
Balance on relevant Calculation Date (April 9, 2003) 3,857,498.99
- ----------------------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
- ----------------------------------------------------------------------------------
Balance on preceding Calculation Date (March 11, 2003) 135,556,039.38
Collections during period 23,783,951.95
Swap receipts (previous Payment Date) 0.00
Transfer to Expense Account (previous Payment Date) (6,444,633.53)
Transfer to Expense Account (interim withdrawal) 0.00
Net transfer to Lessee Funded Accounts 0.00
Aggregate Certificate Payments (previous Payment Date) (14,668,268.82)
Swap payments (previous Payment Date) (4,372,770.03)
------------------
Balance on relevant Calculation Date (April 9, 2003) 133,854,318.95
- ----------------------------------------------------------------------------------
5
AIRPLANES GROUP
Report to Certificateholders
All numbers in US$ unless otherwise stated
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
=================================================================================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
==================================================
(i) Required Expense Amount 11,500,000.00 Note 1:
(ii) a) Class A Interest 2,289,022.58 Collections include proceeds from the sale of
b) Swap Payments 4,487,194.19 one DC9-51 aircraft and insurance proceeds
(iii) First Collection Account Top-up 60,000,000.00 totalling $3.78 million received in respect of one
(iv) Minimum Hedge Payment 0.00 DC9-32 aircraft which was involved in a landing
(v) Class A Minimum Principal 0.00 incident on October 31, 2002. The aircraft was
(vi) Class B Interest 393,358.27 deemed a constructive total loss by the insurers.
==================================================
(vii) Class B Minimum Principal 1,718,826.77
(viii) Class C Interest 2,375,979.69
(ix) Class D Interest 3,580,412.50
(x) Second Collection Account Top-up 50,142,797.00
(xi) Class A Principal Adjustment Amount 1,224,226.94
(xii) Class C Scheduled Principal 0.00
(xiii) Class D Scheduled Principal 0.00
(xiv) Modification Payments 0.00
(xv) Soft Bullet Note Step-up Interest 0.00
(xvi) Class E Minimum Interest 0.00
(xvii) Supplemental Hedge Payment 0.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 0.00
(xx) Class D Outstanding Principal 0.00
(xxi) Class C Outstanding Principal 0.00
(xxii) Class E Supplemental Interest 0.00
(xxiii) Class B Outstanding Principal 0.00
(xxiv) Class A Outstanding Principal 0.00
(xxv) Class E Accrued Unpaid Interest 0.00
(xxvi) Class E Outstanding Principal 0.00
(xxvii) Charitable Trust 0.00
----------------
Total Payments with respect to Payment Date 137,711,817.94
Less Collection Account Top-Ups ((iii) and (x)above) (110,142,797.00)
----------------
27,569,020.94
================
=================================================================================================================================
6
AIRPLANES GROUP
Report to Certificateholders
All numbers in US$ unless otherwise stated
(iv) PAYMENT ON THE CERTIFICATES
- -----------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES A-6 A-8 A-9 Class B
Applicable LIBOR 1.28000% 1.28000% 1.28000% 1.28000%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 1.62000% 1.65500% 1.83000% 2.03000%
Interest Amount Payable 250,161.47 933,236.11 1,105,625.00 393,358.27
Step Up Interest Amount Payable (Note 2) 0.00 281,944.44 0.00 0.00
Opening Principal Balance 191,694,609.31 700,000,000.00 750,000,000.00 240,545,227.66
Minimum Principal Payment Amount 0.00 0.00 0.00 1,718,826.77
Adjusted Principal Payment Amount 1,224,226.94 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 1,224,226.94 0.00 0.00 1,718,826.77
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 (April 15, 2003) 190,470,382.37 700,000,000.00 750,000,000.00 238,826,400.89
- -----------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
(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 (April 15, 2003) 349,837,500.00 395,080,000.00
- -------------------------------------------------------------------------------------
Table of rescheduled Pool Factors n/a n/a
in the event of a partial redemption
======================================================================
Note 2:
Airplanes Group's $700 million subclass A-8
notes had an expected final payment date
of March 15, 2003. Given current market
conditions and the impact these conditions
have had on our performance, we believed
that such a refinancing at this time was not
economically viable and therefore did not
proceed as scheduled.
In accordance with the terms of the subclass
A-8 notes, step-up interest of 0.50% per annum
has begun to accrue on these notes from March
17, 2003 (the first business day following the
expected final payment date) and will continue to
accrue until they are repaid in full or refinanced.
Under the schedule of required payment priorities
applicable to Airplanes Group, step-up interest
is payable after payment of expenses, interest,
minimum principal and scheduled principal on
the class A, class B, class C and class D notes
and any aircraft modification payments. To
the extent that step-up interest is not paid, it
will accrue in accordance with the terms of the
subclass A-8 notes.
======================================================================
7
AIRPLANES GROUP
Report to Certificateholders
All numbers in US$ unless otherwise stated
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
- --------------------------------------------------------------------------------------------------------------
A-6 A-8 A-9 Class B
Applicable LIBOR 1.31000% 1.31000% 1.31000% 1.31000%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 1.65000% 1.68500% 1.86000% 2.06000%
- --------------------------------------------------------------------------------------------------------------
(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 1,916.95 7,000.00 7,500.00 2,405.45
Total Principal Payments (12.24) 0.00 0.00 (17.19)
-------------------------------------------
Closing Outstanding Principal Balance 1,904.70 7,000.00 7,500.00 2,388.26
Total Interest 2.50 9.33 11.06 3.93
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
- ----------------------------------------------------------------------------------------
8
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
9
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.
10
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
--------------------------------
11
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
12
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.
13
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
-----------------------------
14