-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FXCw2X+YBpktUIxnIHVhSzrawRH5v3Bzc1wzlidUCAAdoNW6LcpjUSE1A+3VjDJs 2jIHbnopbuO+N9P2iDm8Mw== 0000950103-03-000623.txt : 20030218 0000950103-03-000623.hdr.sgml : 20030217 20030218165144 ACCESSION NUMBER: 0000950103-03-000623 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030218 FILED AS OF DATE: 20030218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AERCO LTD CENTRAL INDEX KEY: 0001072976 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-66973 FILM NUMBER: 03571369 BUSINESS ADDRESS: STREET 1: 22 GRENVILLE ST STREET 2: ST HELIER JERSEY JE4 BPX CITY: CHANNEL ISLANDS BUSINESS PHONE: 011441534809000 MAIL ADDRESS: STREET 1: 22 GRENVILLE ST STREET 2: ST HELIER JERSEY JE4 BPX CITY: CHANNEL ISLANDS 6-K 1 feb1803_aerco6k.txt 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 February 18, 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 February 2003, including additional information excluded form the 6-K, filed February 13, 2002. 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: February 18, 2002 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 February-03 Payment Date 15th of each month Convention Modified Following Business Day Current Payment Date 18-Feb-03 Current Calculation Date 11-Feb-03 Previous Payment Date 15-Jan-03 Previous Calculation Date 9-Jan-03 - ----------------------------------------------------------------------------------------------------- 1. Account Activity Summary between Calculation Dates - ----------------------------------------------------------------------------------------------------- Prior Balance on Balance Calculation Date 9-Jan-03 Deposits Withdrawals 11-Feb-03 - ----------------------------------------------------------------------------------------------------- Expense Account 4,015,525.45 1,607,231.62 (1,928,416.05) 3,694,341.02 Collection Account 92,573,731.59 12,420,366.40 (11,678,329.59) 93,315,768.40 Aircraft Purchase Account - - - - - Liquidity Reserve cash balance 80,895,402.00 100,000.00 (80,000.00) 80,915,402.00 - ----------------------------------------------------------------------------------------------------- Total 96,589,257.04 14,027,598.02 (13,606,745.64) 97,010,109.42 - ----------------------------------------------------------------------------------------------------- 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 4,015,525.45 Transfer from Collection Account on previous Payment Date 1,603,191.55 Permitted Aircraft Accrual - Interim Transfer from Collection Account - Interest Income 4,040.07 Balance on current Calculation Date - Payments on previous payment date (519,390.72) - Interim payments - Other (1,409,025.33) - ----------------------------------------------------------------------------------------------------- Balance on Current Calculation Date 3,694,341.02 - ----------------------------------------------------------------------------------------------------- 4. Analysis of Collection Account Activity - ----------------------------------------------------------------------------------------------------- Opening Balance on Previous Calculation Date 92,573,731.59 Collections during period 12,420,366.40 Transfer to Expense Account on previous Payment Date - Required Expense Amount (1,603,191.55) - Permitted Aircraft Modifications - Interim Transfer to Expense Account - Net Swap payments on previous Payment Date (3,576,781.76) Aggregate Note Payments on previous Payment Date (6,498,356.28) - ----------------------------------------------------------------------------------------------------- Balance on Current Calculation Date 93,315,768.40 - ----------------------------------------------------------------------------------------------------- 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 15,915,402.00 ----------------- Liquidity Reserve Amount 80,915,402.00 ----------------- A Liquidity Facility of $35 million is also available to AerCo as a primary eligible credit facility, but remains undrawn. Page 1 of 7
AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated Current Payment Date 18-Feb-03 Current Calculation Date 11-Feb-03 Previous Payment Date 15-Jan-03 Previous Calculation Date 9-Jan-03 - ----------------------------------------------------------------------------------------------------- Balance in Collection and Expense Account 97,010,109.42 Liquidity Reserve Amount (80,915,402.00) --------------- Available Collections 16,094,707.42 =============== 4. Analysis of Collection Account Activity (Continued) - ----------------------------------------------------------------------------------------------------- Analysis of Current Payment Date Distributions (I) Total Required Expense Amount 5,000,000.00 (II) a) Class A Interest but excluding Step-up 1,399,865.43 b) Swap Payments other than subordinated swap payments 4,138,715.62 (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 271,198.30 (vi) Class B Minimum principal payment 40,441.44 (vii) Class C Interest 450,514.78 (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 50,915,402.00 (xii) Class A Scheduled principal - (xiii) Class B Scheduled principal 523,908.41 (xiv) Class C Scheduled principal 525,300.04 (xv) Class D Scheduled principal - (xvi) Permitted accruals for Modifications - (xvii) Step-up interest 257,684.17 (xviii) Class A Supplemental principal 2,778,745.90 (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 97,010,109.42 less collection Account Top Ups (iii) (b) and (xi) (b) above 80,915,402.00 --------------- 16,094,707.42 =============== (0.00) - ----------------------------------------------------------------------------------------------------- 0.00 Page 2 of 7
AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated Current Payment Date 18-Feb-03 Current Calculation Date 11-Feb-03 Previous Payment Date 15-Jan-03 Previous Calculation Date 9-Jan-03 - -------------------------------------------------------------------------------------------------------- 5. Payments on the Notes by Subclass - -------------------------------------------------------------------------------------------------------- Subclass Subclass Subclass Total Floating Rate Notes A-2 A-3 A-4 Class A - -------------------------------------------------------------------------------------------------------- Applicable LIBOR 1.37000% 1.37000% 1.37000% Applicable Margin 0.3200% 0.4600% 0.5200% Applicable Interest Rate 1.69000% 1.83000% 1.89000% Day Count Act/360 Act/360 Act/360 Actual Number of Days 34 34 34 Interest Amount Payable 192,633.54 943,124.08 264,107.81 Step-up Interest Amount Payable NA 257,684.17 NA - -------------------------------------------------------------------------------------------------------- Total Interest Paid 192,633.54 1,200,808.25 264,107.81 1,657,549.61 - -------------------------------------------------------------------------------------------------------- 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 120,689,304.97 545,684,134.79 147,959,557.46 814,332,997.22 - -------------------------------------------------------------------------------------------------------- Extended Pool Factors 52.75% 100.00% 78.77% Pool Factors 40.13% 100.00% 68.50% - -------------------------------------------------------------------------------------------------------- Minimum Principal Payment - - - - Scheduled Principal Payment - - - - Supplemental Principal Payment 2,778,745.90 - - 2,778,745.90 - -------------------------------------------------------------------------------------------------------- Total Principal Distribution Amount 2,778,745.90 - - 2,778,745.90 - -------------------------------------------------------------------------------------------------------- Redemption Amount - - amount allocable to principal - - - amount allocable to premium - -------------------------------------------------------------------------------------------------------- Closing Outstanding Principal Balance 117,910,559.07 545,684,134.79 147,959,557.46 811,554,251.32 - --------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------- 5. Payments on the Notes by Subclass (continued) - ------------------------------------------------------------------------------------ ----------------------------------------------- Subclass Subclass Total Subclass Subclass Total Floating Rate Notes B-1 B-2 Class B C-1 C-2 Class C - ------------------------------------------------------------------------------------ ----------------------------------------------- Applicable LIBOR 1.37000% 1.37000% 1.37000% 1.37000% Applicable Margin 0.6000% 1.0500% 1.3500% 2.0500% Applicable Interest Rate 1.97000% 2.42000% 2.72000% 3.42000% Day Count Act/360 Act/360 Act/360 Act/360 Actual Number of Days 34 34 34 34 Interest Amount Payable 117,117.83 154,080.47 204,242.63 246,272.15 Step-up Interest Amount Payable NA NA NA NA - -------------------------------------------------------------------------------------- --------------------------------------------- Total Interest Paid 117,117.83 154,080.47 271,198.30 204,242.63 246,272.15 450,514.78 - -------------------------------------------------------------------------------------- --------------------------------------------- Expected Final Payment Date 15-Jul-13 15-Jun-08 15-Jul-13 15-Jun-08 Excess Amortisation Date 17-Aug-98 15-Aug-00 17-Aug-98 15-Aug-00 - -------------------------------------------------------------------------------------- --------------------------------------------- Original Balance 85,000,000.00 80,000,000.00 85,000,000.00 80,000,000.00 Opening Outstanding Principal Balance 62,947,772.64 67,414,885.99 130,362,658.63 79,506,213.87 76,245,247.52 55,751,461.39 - -------------------------------------------------------------------------------------- --------------------------------------------- Extended Pool Factors 81.74% 98.78% 98.22% 98.05% Pool Factors 74.97% 96.95% 93.37% 95.14% - -------------------------------------------------------------------------------------- --------------------------------------------- Minimum Principal Payment 19,527.82 20,913.62 40,441.44 - - - Scheduled Principal Payment 252,977.87 270,930.54 523,908.41 269,503.86 255,796.18 525,300.04 Supplemental Principal Payment - - - - - - - -------------------------------------------------------------------------------------- --------------------------------------------- Total Principal Distribution Amount 272,505.69 291,844.16 564,349.85 269,503.86 255,796.18 525,300.04 - -------------------------------------------------------------------------------------- --------------------------------------------- Redemption Amount - - - - amount allocable to principal - - - - amount allocable to premium - - - ------------------------------------------------------------------------------------- --------------------------------------------- Closing Outstanding Principal Balance 62,675,266.95 67,123,041.83 129,798,308.78 79,236,710.01 75,989,451.34 155,226,161.35 - ------------------------------------------------------------------------------------- --------------------------------------------- - ----------------------------------------------------- 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 Principle 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 Principle Balance 100,000,000.00 - -----------------------------------------------------
Page 3 of 7 AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated Current Payment Date 18-Feb-03 Current Calculation Date 11-Feb-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 18-Feb-03 End of Interest Accrual Period 16-Mar-03 Reference Date 13-Feb-03 - ---------------------------------------------------------------------------------------------------------------------- A-2 A-3 A-4 B-1 B-2 C-1 C-2 - ---------------------------------------------------------------------------------------------------------------------- Applicable LIBOR 1.34000% 1.34000% 1.34000% 1.34000% 1.34000% 1.34000% 1.34000% Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500% Applicable Interest Rate 1.6600% 1.8000% 1.8600% 1.9400% 2.3900% 2.6900% 3.3900% - ---------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------- 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 120,689.30 545,684.13 147,959.56 62,947.77 67,414.89 79,506.21 76,245.25 Total Principal Payments 2,778.75 - - 272.51 291.84 269.50 255.80 Closing Outstanding Principal Balance 117,910.56 545,684.13 147,959.56 62,675.27 67,123.04 79,236.71 75,989.45 Total Interest 192.63 1,200.81 264.11 117.12 154.08 204.24 246.27 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 - - -------------------------------------------------- - -------------------------------------------------------------------------------- Page 4 of 7
AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated - ------------------------------------------------------------------------------------------------------------------------------------ July 2000 to Oct-Dec Jan-Mar Apr-Jun Jul -Sep Oct-Dec Jan Feb Sept 2001 2001 2002 2002 2002 2002 2003 2003 - ------------------------------------------------------------------------------------------------------------------------------------ CASH COLLECTIONS [1] Lease Rentals 217.6 45.4 45.4 46.0 45.9 44.6 15.2 13.9 [2] - Renegotiated Leases (3.0) (2.8) (2.1) (3.0) (4.0) (1.8) (0.5) (1.0) [3] - Rental Resets (1.3) (3.2) (4.1) (3.2) (3.5) (5.3) (2.3) (2.1) ----------------------------------------------------------------------------------- [4] S[1]..[3] Contracted Lease Rentals 213.3 39.4 39.2 39.8 38.4 37.4 12.3 10.8 [5] Movement in Current Arrears Balance (0.8) (2.4) 1.4 (0.9) (2.3) (0.1) (1.6) (0.4) less Net Stress-related Costs [6] - Bad Debts - - - - - - - [7] - Security Deposits Drawn Down 0.5 - - - - - - [8] - Restructured Arrears 0.7 0.1 (1.3) (0.4) 0.6 0.4 0.1 0.2 [9] - AOG (4.3) (1.5) (0.4) - - (0.8) (0.4) (0.6) [10] - Other Leasing Income - - - - - - - - [11] - Repossession Costs (0.3) - - - - (0.1) - ----------------------------------------------------------------------------------- [12] S[6]..(11) sub-total (3.4) (1.4) (1.7) (0.4) 0.6 (0.5) (0.3) (0.4) [13] [4]+[5]+[12] Net Lease Rentals 209.1 35.6 38.9 38.5 36.7 36.9 10.4 10.0 [14] Interest Earned 5.8 0.8 0.4 0.4 0.3 0.2 0.1 0.1 [15] Drawings from Expense Account Maintenance Receipts 22.6 4.5 3.6 6.1 4.9 5.5 0.6 1.9 Maintenance Payments (11.8) (1.8) (3.9) (10.1) - (1.6) (0.8) (1.0) ----------------------------------------------------------------------------------- [15] Net Maintenance 10.8 2.7 (0.3) (4.0) 4.9 3.9 (0.2) 0.9 [16] S[13]...{15] Total Cash Collections 225.7 39.1 39.0 34.9 41.9 41.0 10.3 11.0 - ------------------------------------------------------------------------------------------------------------------------------------ CASH EXPENSES Aircraft Operating Expenses [17] - Insurance (0.1) - - (0.3) - (0.1) - - [18] - Re-leasing and other overheads (7.5) (0.7) (0.4) (1.4) (0.8) (1.7) (0.3) (0.1) ----------------------------------------------------------------------------------- [19] [17]+[18] subtotal (7.6) (0.7) (0.4) (1.7) (0.8) (1.8) (0.3) (0.1) SG&A Expenses [20] Aircraft Servicer Fees - Retainer Fee (1.6) (0.4) (0.3) (0.7) (0.7) 0.1 (0.2) (0.1) - Rent Collected Fee (1.9) (0.4) (0.4) (0.7) (0.9) 0.3 (0.2) (0.1) - Previous Servicer Fees (1.8) - - - - - - - ----------------------------------------------------------------------------------- [21] sub-total (5.3) (0.8) (0.7) (1.3) (1.6) 0.4 (0.4) (0.2) [22] Other Servicer Fees (13.1) (0.4) (1.2) (0.9) (1.1) (2.7) (0.1) (0.2) ----------------------------------------------------------------------------------- [23] [21]+[22] subtotal (18.4) (1.2) (1.9) (2.3) (2.7) (2.3) (0.5) (0.4) [24] [20]+[23] Total Cash Expenses (26.0) 1.9) (2.3) (4.0) (3.5) (4.1) (0.8) (0.5) - ------------------------------------------------------------------------------------------------------------------------------------ NET CASH COLLECTIONS [25] [17] Total Cash Collections 225.7 39.1 39.0 34.9 41.9 41.0 10.3 11.0 [26] [24] Total Cash Expenses (26.0) (1.9) (2.3) (4.0) (3.5) (4.1) (0.8) (0.5) [27] Movement in Expense Accout 6.0 1.2 0.3 1.2 - 0.5 0.7 0.5 [28] Interest Payments (111.6) (12.0) (9.3) (9.5) (10.2) (9.6) (2.9) (3.1) [29] Swap Payments (12.1) (9.3) (10.7) (10.5) (10.9) (10.5) (3.8) (4.0) [30] Proceeds from sale of aircraft 50.5 - - - - - - - [31] Refinancing Costs - - - - - - - - ----------------------------------------------------------------------------------- [32] S [25]...[31] TOTAL 132.5 17.1 17.0 12.1 17.3 17.3 3.6 3.9 =================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ [33] PRINCIPAL PAYMENTS subclass A 115.6 14.4 14.4 9.1 14.4 13.7 2.4 2.8 subclass B 14.8 1.8 1.7 1.8 1.7 2.0 0.7 0.6 subclass C 2.1 0.9 0.9 1.2 1.2 1.6 0.5 0.5 subclass D - - - - - - - ----------------------------------------------------------------------------------- Total 132.5 17.1 17.0 12.1 17.3 17.2 3.6 3.9 =================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ Debt Balances subclass A 882.8 868.4 984.0 844.9 830.5 816.8 814.4 811.6 subclass B 140.0 138.2 153.1 134.7 133.0 131.0 130.3 129.7 subclass C 162.0 161.1 163.2 158.9 157.7 156.1 155.6 155.1 subclass D 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ----------------------------------------------------------------------------------- TOTAL 1,284.8 1,267.7 1,250.7 1,238.5 1,221.2 1,204.0 1,200.3 1,196.4 =================================================================================== -------------------------------------------------------------------------------------------------------------------------- * Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales.
Table Continue All amounts in millions of US dollars Dollar amounts expressed as a percentage unless otherwise stated 2000 Base Case Lease Rentals - --------------------------------------------------------------------------------------- ---------------------------------------- Cumulative to Date Cumulative to Date *Adjusted *Adjusted Actual base case Variance Actual base case Variance - --------------------------------------------------------------------------------------- ---------------------------------------- CASH COLLECTIONS [1] Lease Rentals 474.0 474.1 (0.1) 100.0% 100.0% 0.0% [2] - Renegotiated Leases (18.2) - (18.2) (3.8%) 0.0% (3.8%) [3] - Rental Resets (25.1) - (25.1) (5.3%) 0.0% (5.3%) -------------------------------------- ---------------------------------------- [4] S[1]..[3] Contracted Lease Rentals 430.7 474.1 (43.4) 90.9% 100.0% (9.1%) [5] Movement in Current Arrears Balance (7.1) - (7.1) (1.5%) 0.0% (1.5%) less Net Stress-related Costs [6] - Bad Debts - (4.8) 4.8 0.0% (1.0%) 1.0% [7] - Security Deposits Drawn Down 0.5 - 0.5 0.1% 0.0% 0.1% [8] - Restructured Arrears 0.4 3.2 (2.8) 0.1% 0.7% (0.6%) [9] - AOG (8.0) (20.0) 12.0 (1.7%) (4.2%) 2.5% [10] - Other Leasing Income - - - 0.0% 0.0% 0.0% [11] - Repossession Costs (0.4) (3.8) 3.4 (0.1%) (0.8%) 0.7% -------------------------------------- --------------------------------------- [12] S[6]..(11) sub-total (7.5) (25.4) 17.9 (1.6%) (5.4%) 3.8% [13] [4]+[5]+[12] Net Lease Rentals 416.1 448.7 (32.6) 87.8% 94.6% (6.9%) [14] Interest Earned 8.1 9.4 (1.3) 1.7% 2.0% (0.3%) [15] Drawings from Expense Account - - - 0.0% 0.0% 0.0% Maintenance Receipts 49.7 - 49.7 10.5% 0.0% 10.5% Maintenance Payments (31.0) - (31.0) (6.5%) 0.0% (6.5%) -------------------------------------- --------------------------------------- [15] Net Maintenance 18.7 - 18.7 4.0% 0.0% 4.0% [16] S[13]...{15] Total Cash Collections 442.9 458.1 (15.2) 93.4% 96.6% (3.2%) - --------------------------------------------------------------------------------------- --------------------------------------- CASH EXPENSES Aircraft Operating Expenses [17] - Insurance (0.5) - (0.5) (0.1%) 0.0% (0.1%) [18] - Re-leasing and other overheads (12.9) (14.3) 1.4 (2.7%) (3.0%) 0.3% -------------------------------------- --------------------------------------- [19] [17]+[18] subtotal (13.4) (14.3) 0.9 (2.8%) (3.0%) 0.2% SG&A Expenses [20] Aircraft Servicer Fees - Retainer Fee (3.9) (3.9) 0.0 (0.8%) (0.8%) 0.0% - Rent Collected Fee (4.3) (4.5) 0.2 (0.9%) (0.9%) 0.0% - Previous Servicer Fees (1.8) - (1.8) (0.4%) 0.0% (0.4%) -------------------------------------- --------------------------------------- [21] sub-total (9.9) (8.4) (1.5) (2.1%) (1.8%) (0.3%) [22] Other Servicer Fees (19.7) (10.5) (9.2) (4.2%) (2.2%) (1.9%) -------------------------------------- --------------------------------------- [23] [21]+[22] subtotal (29.7) (18.9) (10.7) (6.3%) (4.0%) (2.3%) [24] [20]+[23] Total Cash Expenses (43.1) (33.2) (9.8) (9.1%) (7.0%) (2.1%) - --------------------------------------------------------------------------------------- --------------------------------------- NET CASH COLLECTIONS [25] [17] Total Cash Collections 442.9 458.1 (15.2) 93.4% 96.6% (3.2%) [26] [24] Total Cash Expenses (43.1) (33.2) (9.8) (9.1%) (7.0%) (2.1%) [27] Movement in Expense Accout 10.4 - 10.4 2.2% 0.0% 2.2% [28] Interest Payments (168.2) (250.0) 81.9 (35.5%) (52.7%) 17.3% [29] Swap Payments (71.8) 4.7 (76.5) (15.1%) 1.0% (16.1%) [30] Proceeds from sale of aircraft 50.5 51.1 (0.6) 10.7% 10.8% (0.1%) [31] Refinancing Costs - (2.3) 2.3 0.0% (0.5%) 0.5% -------------------------------------- --------------------------- ------------ [32] S [25]...[31] TOTAL 220.8 228.3 (7.6) 46.6% 48.2% (1.6%) ====================================== ======================================= - --------------------------------------------------------------------------------------- --------------------------------------- [33] PRINCIPAL PAYMENTS subclass A 186.8 194.2 (7.4) 39.4% 41.0% (1.5%) subclass B 25.1 25.1 (0.1) 5.3% 5.3% (0.0%) subclass C 8.9 8.9 (0.1) 1.9% 1.9% (0.0%) subclass D - - - 0.0% 0.0% 0.0% -------------------------------------- --------------------------------------- Total 220.8 228.3 (7.4) 46.6% 48.1% (1.6%) ====================================== ======================================= - --------------------------------------------------------------------------------------- --------------------------------------- Debt Balances subclass A 811.6 804.2 7.4 subclass B 129.7 129.7 0.1 subclass C 155.1 155.1 0.1 subclass D 100.0 100.0 - -------------------------------------- TOTAL 1,196.4 1,188.9 7.5 ====================================== ----------------------------------------------------------------------------- * Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales. Page 5 of 7
AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated - ------------------------------------------------------------------------------------------------------------------------------------ Note: Report Line Name Description - ------------------------------------------------------------------------------------------------------------------------------------ CASH COLLECTIONS [1] Lease Rentals Assumptions per the July 2000 Prospectus adjusted for aircraft sales [2] - Renegotiated Leases Change in contracted rental cash flow caused by a renegotiated lease [3] - Rental Resets Re-leasing events where new lease rate deviated from the 2000 Base Case [4] S[1]...[5] Contracted Lease Rentals Current Contracted Lease Rentals due as at the latest Calculation Date [5] Movement in Current Arrears Current contracted lease rentals not received as at the latest Calculation Date, Balance excluding Bad debts less Net Stress related Costs [6] - Bad debts Arrears owed by former lessees and deemed irrecoverable. [7] - Security deposits drawn down Security deposits received following a lesse default [8] - Restructured arrears [9] - AOG Lost of rental due to an aircraft being off-lease and non-revenue earning [10] - Other Leasing Income Includes lease termination payments, rental guarantees and late payments charges [11] - Repossession Legal and technical costs incurred in repossessing aircraft. [12] S[6]...[11] sub-total [13] [4]+[5]+[12] Net Lease Rentals Contracted Lease Rentals less Movement in Current Arrears Balance and Net Stress related costs [14] Interest Earned Interest earned on monthly cash balances [15] Net Maintenance Maintenance Revenue Reserve received less and reimbursements to lessees. [16] S[13]...[15] Total Cash Collections Net Lease Rentals + Interest Earned + Net Maintenance - ------------------------------------------------------------------------------------------------------------------------------------ CASH EXPENSES Aircraft Operating Expenses All operational costs related to the leasing of aircraft. [17] - Insurance Premium for contingent insurance policies [18] - Re-leasing and other Costs associated transferring an aircraft from one lessee to another [19] [17]+[18] subtotal SG&A Expenses [20] Aircraft Servicer Fees Monthly and annual fees paid to Aircraft Servicer - Base Fee Fixed amount per month per aircraft - Rent Contracted Fee 1.00% of rental contracted for the month - Rent Collected Fee 1.25% of rental received for the month - Previous Servicer Fees Fees paid to the previous Servicer of AerCo [21] [20] subtotal [22] Other Servicer Fees Administrative Agent, trustee and professional fees paid to other service providers. [23] [21]+[22] subtotal [24] [19]+[23] Total Cash Expenses Aircraft Operating Expenses + SG&A Expenses - ------------------------------------------------------------------------------------------------------------------------------------ NET CASH COLLECTIONS [25] [16] Total Cash Collections line 16 above [26] [24] Total Cash Expenses line 24 above [27] Movement in Expense Account Movement in Expense Account [28] Interest Payments Interest paid on all outstanding debt [29] Swap payments Net swap payments (paid) /received [30] Proceeds from Aircraft Sales Proceeds, net of fees and expenses, from the sale of aircraft [31] [25]...[30] Exceptional Items Includes adjustment for aircraft included in the Basecase but not acquired by AerCo TOTAL - ------------------------------------------------------------------------------------------------------------------------------------ Page 6 of 7
AERCO LIMITED Report to Noteholders All amounts in US dollars unless otherwise stated - --------------------------------------------------------------------------------------- 2000 Coverage Ratios Closing Actual *Adjusted Base Case - --------------------------------------------------------------------------------------- Net Cash Collections 220.8 228.3 Add Back Interest 168.2 250.0 Add Back Swap Payments 71.8 (4.7) a Net Cash Collections 460.7 473.7 b Swaps 71.8 (4.7) c Class A Interest 96.3 162.7 d Class A Minimum 30.5 37.9 e Class B Interest 16.6 27.2 f Class B Minimum 9.1 8.9 g Class C Interest 22.3 34.6 h Class C Minimum - - I Class D Interest 22.0 22.0 j Class D Minimum - - k Class A Scheduled - - l Class B Scheduled 15.5 16.2 m Class C Scheduled 8.9 8.9 n Class D Scheduled - - o Permited Aircraft Modifications - - p Step Up Interest 1.9 q Class A Supplemental 156.4 156.3 Class E Interest 9.1 3.5 Class B Supplemental 0.5 ----------------------------- Total 460.8 473.7 ----------------------------- [1] Interest Coverage Ratio Class A 2.74 3.00 = a / (b+c) Class B 2.14 2.12 = a / (b+c+d+e) Class C 1.87 1.78 = a / (b+c+d+e+f+g) Class D 1.72 1.64 = a / (b+c+d+e+f+g+h+i) [2] Debt Coverage Ratio Class A 1.72 1.64 = a / (b+c+d+e+f+g+h+i+ j+k) Class B 1.62 1.55 = a / (b+c+d+e+f+g+h+i+j+k+l) Class C 1.57 1.51 = a / (b+c+d+e+f+g+h+i+j+k+l+m) Class D 1.57 1.51 = a / (b+c+d+e+f+g+h+i+j+k+l+m+n) Loan-to-Value Ratios
--------------------------------------------------------------- 2000 Base Case Actual 2000 *Adjusted Base Case 17-Jul-00 18-Feb-03 18-Feb-03 --------------------------------------------------------------- [3] Assumed Portfolio Value 1,566.7 1,309.8 1,309.8 Adjusted Portfolio Value (105%) 1,300.6 Liquidity Reserve Amount Cash 65.0 65.0 65.0 - Accrued Expenses 5.0 5.0 5.0 - Security Deposits 22.4 15.9 22.4 --------- --------- ----------- subtotal cash 92.4 85.9 92.4 Letters of Credit - - - --------- ---------- ----------- Total Liquidity Reserve 92.4 85.9 92.4 [4] Total Asset Value 1,659.1 1,395.7 1,402.2 Note Balance Class A 998.4 60.2% 811.6 58.1% 804.2 57.4% Class B 154.8 69.5% 129.7 67.4% 129.7 66.6% Class C 164.1 79.4% 155.1 78.6% 155.1 77.7% Class D 100.0 85.4% 100.0 85.7% 100.0 84.8% --------- ---------- ----------- Total 1,417.3 1,196.4 1,188.9 - --------------------------------------------------------------------------------------------------------- * Adjusted Base Case are July 2000 Prospectus Base Case cashflows adjusted for aircraft sales. [1] Interest Coverage Ratio is equal to Net Cash Collections, before Interest and swap payments, expressed as a ratio of the swap costs and interest payable on each subclass of Notes plus the interest and minimum principal payments payable on each subclass of Notes that rank senior in priority of payment to the relevant subclass of Notes. [2] Debt Service Ratio is equal to Net Cash Collections before interest and swap payments, expressed as a ratio of the interest and minimum and scheduled principal payments payable on each subclass of Notes plus the interest and minimum and scheduled principal payments payable on each subclass of Notes that ranks equally with or senior to the relevant subclass of Notes in the priority of payments. [3] Assumed Portfolio Value represents the Inital Appraised Value of each aircraft in the Portfolio multipled by the Depreciation Factor at Calculation date divided by the Depreciation Factor at Closing date. [4] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve Amount
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 -----END PRIVACY-ENHANCED MESSAGE-----