Page 1 of 8 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October 2004
AIRCRAFT LEASE PORTFOLIO SECURITISATION 92-1 LIMITED
4th Floor, Forum House
Grenville Street
St. Helier
Jersey JE2 4UF
Channel Islands
[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 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
-------
The Exhibit Index to this Form 6-K is located on page 3.
Page 2 of 8 Pages
SIGNATURES
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.
AIRCRAFT LEASE PORTFOLIO
SECURITISATION 92-1 LIMITED
Date: October 19, 2004 By: /s/ Frederick W. Bradley, Jr.
-------------------------------------
Name: Frederick W. Bradley, Jr.
Title: Director
Page 3 of 8 Pages
EXHIBIT INDEX
Sequentially
numbered
page
Title of Document
Aircraft Lease Portfolio Securitisation 96-1 Pass Through Trust
Statement to Certificateholders dated October 15, 2004.................. 4
Page 4 of 8 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED ACCRETED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL PREMIUM TOTAL LOSSES INTEREST BALANCE
----- -------------- ------------ ----------- ----------- ------- ------------ ------- ---------- -------------
A 25,000,000.00 7,883,642.23 13,927.77 0.00 0.00 13,927.77 0.00 0.00 7,883,642.23
A 60,000,000.00 18,920,741.17 33,426.64 0.00 0.00 33,426.64 0.00 0.00 18,920,741.17
A 160,673,000.00 50,667,537.56 89,512.65 0.00 0.00 89,512.65 0.00 0.00 50,667,537.56
B 56,868,750.00 40,063,750.00 90,143.44 0.00 0.00 90,143.44 0.00 0.00 40,063,750.00
B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C 50,044,500.00 39,559,903.71 102,196.42 0.00 0.00 102,196.42 0.00 0.00 39,559,903.71
D 40,945,500.00 34,022,700.00 0.00 0.00 0.00 0.00 0.00 0.00 34,022,700.00
E-1 82,918,250.00 82,918,250.00 0.00 0.00 0.00 0.00 0.00 0.00 82,918.250.00
E-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 476,450,000.00 274,036,524.67 329,206.92 0.00 0.00 329,206.92 0.00 0.00 274,036,524.67
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------- ------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THRU RATES
- ------------------------------------------------------------------------------------------------------- ------------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL PREMIUM TOTAL BALANCE * CURRENT NEXT
- ----- --------- ----------- -------- --------- -------- --------- ------------ ---------- ----------
A 02109PAA8 315.345689 0.557111 0.000000 0.000000 0.557111 315.345689 2.620000% 2.745000%
A U02029AA1 315.345686 0.557111 0.000000 0.000000 0.557111 315.345686 2.620000% 2.745000%
A 02109PAE0 315.345687 0.557111 0.000000 0.000000 0.557111 315.345687 2.620000% 2.745000%
B 0219PAF7 704.494999 1.585114 0.000000 0.000000 1.585114 704.494999 3.200000% 3.325000%
B U02029AB9 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 3.200000% 3.325000%
C 02109PAG5 790.494534 2.042111 0.000000 0.000000 2.042111 790.494534 3.600000% 3.725000%
D 02109PAH3 830.926475 0.000000 0.000000 0.000000 0.000000 830.926475 13.750000% 13.750000%
E-1 AL9601108 1,000.000000 0.000000 0.000000 0.000000 0.000000 1,000.000000 10.000000% 10.000000%
E-2 AL9601109 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 10.000000% 10.000000%
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: N/A ADMINISTRATOR: Michele Voon
SERVICER: Babcock & Brown Limited Deutsche Bank
LEAD UNDERWRITER: Lehman Brothers 4 Albany Street
RECORD DATE: September 30, 2004 New York, NY 10006
DISTRIBUTION DATE: Ocotober 15, 2004 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
* Current Libor has been updated to reflect correct rate.
Page 5 of 8 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- ------------------------------------------------------------------------------------------------------------------------------------
ISSUE / COLLATERAL DETAIL REPORT
Distribution 15-Oct-04
- ------------------------------------------------------------------------------------------------------------------------------------
1. COLLATERAL SUMMARY:
- ----------------------
1.1. DUE PERI0D 01-Sep-2004 to 30-Sep-2004
1.2. ADDITIONAL REPORTED ITEMS
Initial Appraised Value of all Aircraft.......................................................................320,510,000.00
Aircraft Book Value...........................................................................................240,723,835.56
Rentals, Interest and Other Payments in Arrears.........................................................................0.00
Is there an existing Event of Default?.................................................................................YES *
Number of Registration Defaults.........................................................................................0.00
Has an Enforcement Notice been Issued?....................................................................................NO
WFC Aircraft Sale Date...................................................................................................n/a
WFC Aircraft Payment Default Date........................................................................................n/a
2. SUMMARY OF AVAILABLE FUNDS
- -----------------------------
2.1. COLLECTIONS
Interim deposits, withdrawals and transfers Rents, Interest, Deferred Debt & Other..............................1,773,429.00
Swap Receipts...........................................................................................................0.00
Collections applied to excess aircraft Maintenance Expenses.............................................................0.00
Interim withdrawal of Defaulted Rent from the Lease Maintenance Reserve Account or the Lease Security Deposit Account...0.00
Transfer of Maintenance Reserve Receipts to Lessee Funded Account.......................................................0.00
Transfer of Security Deposit Receipts to Lessee Funded Account..........................................................0.00
Proceeds from sale or other disposition of any Aircraft, Engine or other asset..........................................0.00
Remaining Aircraft Purchase Account funds after Aircraft Sale Date......................................................0.00
------------
Sub Total: 1,773,429.00
Payment Date deposits and transfers
Investment Earnings:
Collections Sub Account.....................................................................................30,846.05
Expense Account..................................................................................................0.00
Aircraft Purchase Account........................................................................................0.00
Class D Note Interest Reserve Account............................................................................0.00
Contingency Reserve Account..................................................................................1,862.16
Maintenance Reserve Account......................................................................................0.00
Security Deposit Account.........................................................................................0.00
---------
Total Investment earnings for all accounts.....................................................................32,708.21
Investment Earnings retained within Maintenance Reserve Account.....................................................0.00
Investment Earnings retained within Security Deposit Reserve Account................................................0.00
---------
0.00
------------
Sub Total: 1,806,137.21
- ----------------------------
* The company had insufficient funds to pay all of the interest due to the
holders of the Class D Notes. The arrears owed to Class D Noteholders for the
Due Period are $8,227,327.02. See Item 1.2 "Interest Amounts-Unpaid Balance D
Note" below for total overdue interest owed to holders to Class D Notes.
Page 6 of 8 Pages
Distribution 15-Oct-04
2. SUMMARY OF AVAILABLE FUNDS (cont.)
- -------------------------------------
2.1. COLLECTIONS (cont.)
After Enforcement Notice or Disposition of Last Aircraft Lessee Funded Account Transfers................................0.00
After Enforcement Notice, Aircraft Purchase Acct. funds.................................................................0.00
Remaining amounts in the Aircraft Purchase Account transferred due to WFC Aircraft Delivery Termination Date or WFC
Aircraft Payment Default Date..........................................................................................0.00
------------
Sub Total: 1,806,137.21
Other Miscellaneous amounts
For any aircraft which has undergone a total loss or for which the lease has been sold, conveyed or transferred:
Available Maintenance Reserves Amount............................................................................0.00
Available Security Deposit Amount................................................................................0.00
Miscellaneous Other Proceeds........................................................................................0.00
------------
Available Collections transferred to the Transaction Account:............................................1,806,137.21
============
Reserve Account transfers
Maintenance Reserve Amount withdrawals from the Collection Sub-Account..............................................0.00
Liquidity Reserve Amount withdrawals from the Collection Sub-Account...........................................91,092.24
Amounts withdrawn from the Class D Interest Reserve Sub-Account.....................................................0.00
Amounts withdrawn from the Contingency Reserve Sub-Account..........................................................0.00
------------
Total Amounts transferred to the Transaction Account:....................................................1,897,229.45
============
2.2. PAYMENTS FROM TRANSACTION ACCOUNT
* Required Expense Amount plus Additional Company Expenses, Fees and Taxes..........................................711,520.27
Amounts transferred to the Collection Account for Maintenance Reserve Amount............................................0.00
Swap Payments due to Swap Provider......................................................................................0.00
Amounts transferred to the Collection Account for Liquidity Reserve Amount........................................856,502.26
Amounts transferred to the Class D Note Interest Reserve Account........................................................0.00
Aggregate Swap Breakage Costs...........................................................................................0.00
Current plus prior unpaid Annual Dividends..............................................................................0.00
Deposit to the Lessee Funded Account for funds previously transferred from the Lessee Funded Account according to
Clause 7.07(a)(iv) of the Deed of Charge...............................................................................0.00
-----------
1,568,022.53
Payments to Noteholders...........................................................................................329,206.92
------------
Total payments from the Transaction Account:.............................1,897,229.45
============
* Monthly withdrawal from Collection Account for Carotene Account....................................................11,658.90
Page 7 of 8 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- --------------------------------------------------------------------------------
CERTIFICATE PAYMENTS DETAIL REPORT
Distribution Date: 15-Oct-04
- --------------------------------------------------------------------------------
1. PAYMENT CALCULATIONS SUMMARY:
- --------------------------------
1.1. INDICES
Current LIBOR Index Rate.....................................1.7500%
Next LIBOR Index Rate........................................1.8750%
1.2. INTEREST AMOUNTS
CLASS ACCRUED and UNPAID INTEREST AMOUNTS
----- -----------------------------------------------
Note Other (1) Total
---------- ------------ --------------
A Note 136,867.06 1,073,826.58 1,210,693.64
B Note 90,143.44 474,840.16 564,983.60
C Note 102,196.42 457,362.58 559,559.00
D Note 8,227,327.02 1,709,595.01 9,936,922.03
E Note 55,469,666.59 0.00 55,469,666.59
------------- ------------ --------------
64,026,200.53 3,715,624.33 67,741,824.86
============= ============ ==============
CLASS UNPAID BALANCE
-----------------------------------------------
Note Other (1) Total
---------- ------------ --------------
A Note 0.00 1,073,826.58 1,073,826.58
B Note 0.00 474,840.16 474,840.16
C Note 0.00 457,362.58 457,362.58
D Note 8,227,327.02 1,709,595.01 9,936,922.03
E Note 55,469,666.59 0.00 55,469,666.59
------------- ------------ -------------
63,696,993.61 3,715,624.33 67,412,617.91
============== ============ =============
Notes: (1) 'Other' includes Step-Up, Default and Additional Interest.
Reflects previously unreported Default Interest on Class D
for January 2003 through November 2003 payment dates of
$311,874.75
1.3. PRINCIPAL AMOUNTS
CLASS Target Target Additional Target Amount
Balance Amount Principal Shortfall
------------- ------------ ---------- -------------
A Note 0.00 77,471,920.96 0.00 77,471,920.96
B Note 40,063,750.00 0.00 0.00 0.00
C Note 35,256,100.00 4,303,803.71 0.00 4,303,803.71
D Note 28,845,900.00 5,176,800.00 0.00 5,176,800.00
------------- ------------- ---- -------------
86,952,524.67 0.00 86,952,524.67
============= ===== =============
1.4. OTHER AMOUNTS
a) Class D Note Unpaid Makewhole Premium Amount...............0.00
b) Class E Contingent Interest Amount.........................0.00
c) Unpaid Annual Dividends Balance........................4,500.00
Page 8 of 8 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- ---------------------------------------------------------------------------------------------------------------------------------
ADDITIONAL ITEMS REPORT
Distribution Date: 15-Oct-04
- ---------------------------------------------------------------------------------------------------------------------------------
1. ACCOUNT ACTIVITY SUMMARY:
- ----------------------------
Note: Amounts reflect activity which has occured during the relevant Due
Period, as well as transfers resulting from the current Payment Date.
Name Prior Balance Deposits Withdrawals Adjustments Balance
---------------------------------------- ------------- ------------ ------------ ----------- --------------
COLLECTION ACCOUNT
Collections Sub-Account* 21,334,497.47 2,662,639.47 1,897,229.45 0.00 22,099,907.76
Expense Sub-Account 0.00 699,861.37 699,861.37 0.00 0.00
Aircraft Purchase Sub-Account 0.00 0.00 0.00 0.00 0.00
Class D Note Interest Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Contingency Reserve Sub-Account 1,400,000.00 1,862.16 1,862.16 0.00 1,400,000.00
------------- ------------ ------------ ----- --------------
TOTALS: 22,734,497.74 3,364,363.00 2,598,952.98 0.00 23,499,907.76
LESSEE FUNDED ACCOUNT
Segregated Maintenance Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Segregated Security Deposit Sub-Account 0.00 0.00 0.00 0.00 0.00
------------- ------------ ------------ ----- --------------
TOTALS: 0.00 0.00 0.00 0.00 0.00
Liquidity Reserve Amount..................................................................................22,191,000.00
Amounts held in respect of the Liquidity Reserve Amount within the Collection Account*....................22,099,907.76
Surplus/(Shortfall)....................................................................................... (91,092.24)
2. MISCELLANEOUS:
2.1. AIRCRAFT DETAILS
Aircraft Aircraft Avg. Appraised Date Aircraft Event Event Sale/Insurance
Lessee Serial Number Value (1) Appraised Book Value Date Description (2) Proceeds
------------- ------------- -------------- ----------- ------------- ---------- -------------- -------------
N/A 127 0.00 30-Jun-2004 0.00 8/2/1999 S 5,525,217.00
N/A 283 0.00 30-Jun-2004 0.00 12/20/2002 S 20,757,041.00
N/A 11287 0.00 30-Jun-2004 0.00 7/2/1999 S 12,646,518.00
N/A 22381 0.00 30-Jun-2004 0.00 7/24/1997 S 35,000,000.00
Batavia 23869 13,860,000.00 30-Jun-2004 17,602,791.11 -
Travel Service 23870 14,540,000.00 30-Jun-2004 18,117,502.78 -
AOG 24519 14,990,000.00 30-Jun-2004 18,783,682.50 -
China Southern 24898 13,340,000.00 30-Jun-2004 16,376,482.50 -
N/A 24914 0.00 30-Jun-2004 0.00 10/1/2002 S 11,577,067.00
Air Canada 24952 37,680,000.00 30-Jun-2004 51,017,595.00 -
Air Canada 25000 37,170,000.00 30-Jun-2004 51,070,252.50 -
first Choice Airways 25054 23,630,000.00 30-Jun-2004 33,016,252.50 -
Meridiana 49785 10,510,000.00 30-Jun-2004 17,313,280.00 -
Allegian Air 49786 10,900,000.00 30-Jun-2004 17,425,996.67 -
-------------- -------------- -------------
176,620,000.00 240,723,835,56 85,505,843.00
============== ============== =============
Notes: (1) Appraised Values have been provided by: Avitas Inc., Aircraft Information Services Inc. and BK Associates Inc.
(2) Event Description Key: S = sold, L = loss and PDE = Premium Disposition Event.
(3) Aircraft Best Value is currently in review.
2.2. AMENDMENTS TO THE LIST OF NON-ACCEPTABLE COUNTRIES
None