-----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, DSEbXe+kmMlPdRBf6Iy4isl4wzTyjef8Wug9lZRrBXotMTjNX43KXDrkgXKk0fmj RWrtc70K/YQTMhactemTWQ== 0000950103-03-000718.txt : 20030313 0000950103-03-000718.hdr.sgml : 20030313 20030313152401 ACCESSION NUMBER: 0000950103-03-000718 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030313 FILED AS OF DATE: 20030313 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: 03602424 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 mar1303_6k.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 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 - ---- 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 - -------------------------------------------------------------------------------- 1. Account Activity Summary between Calculation Dates - ------------------------------------------------------------------------------------------------- Prior Deposits Withdrawals Balance on Balance Calculation Date 11-Feb-03 11-Mar-03 - ------------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------------
2. Analysis of Aircraft Purchase Account Activity - --------------------------------------------------------------------------- Opening Balance on Previous Calculation Date - Interest Income - Aircraft Purchase Payments - Economic Swap Payments - - --------------------------------------------------------------------------- Balance on Current Calculation Date - - --------------------------------------------------------------------------- 3. Analysis of Expense Account Activity - ----------------------------------------------------------------------------- Opening Balance on Previous Calculation Date 3,694,341.02 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) - ----------------------------------------------------------------------------- Balance on Current Calculation Date 2,658,205.54 - ----------------------------------------------------------------------------- 4. Analysis of Collection Account Activity - ----------------------------------------------------------------------------- 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) - ----------------------------------------------------------------------------- Balance on Current Calculation Date 93,912,416.38 - ----------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------ 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) - -------------------------------------------------------------------------------- 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 ================== - - -------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------------------------------------------------------------ Subclass Subclass Subclass Total Floating Rate Notes A-2 A-3 A-4 Class A - ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ Total Interest Paid 146,798.65 736,673.58 206,403.58 1,089,875.81 - ------------------------------------------------------------------------------------------------------------------------------------ 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 117,910,559.07 545,684,134.79 147,959,557.46 811,554,251.32 - ------------------------------------------------------------------------------------------------------------------------------------ Extended Pool Factors 51.74% 100.00% 77.87% Pool Factors 38.85% 100.00% 67.68% - ------------------------------------------------------------------------------------------------------------------------------------ Minimum Principal Payment - - - - Scheduled Principal Payment 4,871,058.11 - - 4,871,058.11 Supplemental Principal Payment - - - - - ------------------------------------------------------------------------------------------------------------------------------------ Total Principal Distribution Amount 4,871,058.11 - - 4,871,058.11 - ------------------------------------------------------------------------------------------------------------------------------------ Redemption Amount - - amount allocable to principal - - - amount allocable to premium - ------------------------------------------------------------------------------------------------------------------------------------ Closing Outstanding Principal Balance 113,039,500.96 545,684,134.79 147,959,557.46 806,683,193.21 - ------------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------- Subclass Subclass Total Floating Rate Notes B-1 B-2 Class B - -------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------- Total Interest Paid 91,192.51 120,318.05 211,510.57 - -------------------------------------------------------------------------------------------- Expected Final Payment Date 15-Jul-13 15-Jun-08 Excess Amortisation Date 17-Aug-98 15-Aug-00 - -------------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------------- Extended Pool Factors 81.16% 98.66% Pool Factors 74.39% 96.76% - -------------------------------------------------------------------------------------------- Minimum Principal Payment 15,364.80 16,455.17 31,819.97 Scheduled Principal Payment - - - Supplemental Principal Payment - - - - -------------------------------------------------------------------------------------------- Total Principal Distribution Amount 15,364.80 16,455.17 31,819.97 - -------------------------------------------------------------------------------------------- Redemption Amount - - amount allocable to principal - - amount allocable to premium - -------------------------------------------------------------------------------------------- Closing Outstanding Principal Balance 62,659,902.15 67,106,586.66 129,766,488.81 - --------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------ Subclass Subclass Total Floating Rate Notes C-1 C-2 Class C - ------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------ Total Interest Paid 159,860.06 193,203.18 353,063.24 - ------------------------------------------------------------------------------------------------ Expected Final Payment Date 15-Jul-13 15-Jun-08 Excess Amortisation Date 17-Aug-98 15-Aug-00 - ------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------ Extended Pool Factors 98.08% 97.86% Pool Factors 93.09% 94.84% - ------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------- Fixed Rate Notes D-2 - ---------------------------------------------------------------------- Applicable Interest Rate 8.50000% Day count 30 / 360 Number of Days 30 Interest Amount Payable 708,333.33 - ---------------------------------------------------------------------- Total Interest Paid 708,333.33 - ---------------------------------------------------------------------- Expected Final Payment Date 15-Mar-14 Excess Amortisation Date 15-Jul-10 - ---------------------------------------------------------------------- Original Balance 100,000,000.00 Opening Outstanding Principal Balance 100,000,000.00 - ---------------------------------------------------------------------- Extended Pool Factors 100.00% Expected Pool Factors 100.00% - ---------------------------------------------------------------------- Extended Amount - Expected Pool Factor Amount - Surplus Amortisation - ---------------------------------------------------------------------- Total Principal Distribution Amount - - ---------------------------------------------------------------------- Redemption Amount - - - amount allocable to principal - ------------------- - - amount allocable to premium - - ---------------------------------------------------------------------- Closing Outstanding Principal Balance 100,000,000.00 - ---------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------- 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 1.28000% 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% - ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------- 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% - ----------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------- (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% - --------------------------------------------------------------------- - --------------------------------------------------------------------- (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 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-----