<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------
FORM 8-K
Current Report
Pursuant To Section 13 Or 15(D) Of The
Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): September 27, 1999
------------------------------
KEYCORP STUDENT LOAN TRUST 1999-A
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
<TABLE>
<CAPTION>
<S> <C> <C>
New York 333-58073 36-7238740
- --------------------------------------------- -------------------------------- -----------------------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
c/o KeyBank, USA, as Administrator, 800 Superior Avenue, Attn: M. Frances Byrd,
Cleveland, Ohio 44114
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(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (216) 828-9357
----------------------------
Exhibit Index on Page 4
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Page 1 of 8 pages
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Item 5. OTHER EVENTS
On September 27, 1999, the KeyCorp Student Loan Trust 1999-A (the "Trust") made
its regular, quarterly distribution of funds to holders of the Trust's Floating
Rate Asset Backed Certificates and Floating Rate Asset Backed Notes and
distributed the Certificateholder's Statement and Noteholder's Statement, filed
herewith as Exhibits to this Form 8-K, to Certificateholders and Noteholders of
record, respectively.
In reliance upon certain no-action letters, including a letter dated May 9,
1997, issued by the Chief Counsel, Division of Corporate Finance of the
Securities and Exchange Commission relating to the KeyCorp Student Loan Trust
1996-A, Registration No. 333-4274, the Trust is hereby filing the
Certificateholder's Statement and Noteholder's Statement reflecting the Trust's
activities for the period ending August 31, 1999, including a statistical
summary of the delinquency and default characteristics of the Trust's student
loan portfolio as of such date.
Item 7. EXHIBITS
Exhibit 99(a) - Certificateholder's Statement
Exhibit 99(b) - Noteholder's Statement
Page 2 of 8 pages
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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 hereunto duly authorized.
Date: September 27, 1999
KeyCorp Student Loan Trust 1999-A,
By: Bank One, National Association, not in
its individual capacity but solely as Eligible
Lender Trustee on behalf of the Trust
By: /s/ Jeffrey L. Kinney
------------------------------------------------
Jeffrey L. Kinney
Vice President
Page 3 of 8 pages
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EXHIBIT INDEX
Exhibit
99(a) Certificateholder's Statement 5
99(b) Noteholder's Statement 7
Page 4 of 8 pages
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Exhibit 99(a)
KEYCORP STUDENT LOAN TRUST 1999-A
CERTIFICATEHOLDERS' STATEMENT
pursuant to Section 5.07(b) of Sale and Servicing
Agreement (capitalized terms used herein are defined in Appendix A thereto)
================================================================================
Distribution Date: September 27, 1999
(i) Amount of principal being paid or distributed:
(a) Certificates (1) $0.00
--------------------
(2) $ - , per-$1,000 original
-------------------- principal amount of the
Certificates)
(ii) Amount of interest being paid or distributed on:
(a) Certificates (1) $525,969.26 6.0137500% (Based on 3-Month
-------------------- --------------- LIBOR)
(2) $ 0.0000152 per $1,000 original principal
-------------------- amount of the Certificates)
(b) (1) 3 Mo. Libor for the reporting period from the previous
Distribution Date was: 5.0000000%
----------
(2) The Student Loan Rate was: Not Applicable
--------------------
(iii) Amount of Certificateholders' Interest Index Carryover being paid or
distributed (if any) and amount remaining (if any):
(a) Distributed: (1) $0.00
-------------
(2) $ - , per $1,000 original principal
------------- amount of the Certificates)
(b) Balance: (1) $ -
-------------
(2) $ - , per $1,000 original principal
------------- amount of the Certificates)
(iv) Pool Balance at end of related Collection Period: $741,933,471.35
-----------------
(v) After giving effect to distributions on this Distribution Date:
(a) (1) Certificate Balance: $34,600,000.00
----------------
(2) Certificate Pool Factor: 1.00000000
----------------
(vi)(a)(1) Amount of Servicing Fee for related Collection Period: $809,773.61
(2) $ 23.4038616, per $1,000 original principal amount of the Notes.
------------
(b) Amount of Excess Servicing Fee being distributed and remaining balance
(if any):
(1) Distributed: $0.00
--------------
$ - , per $1,000 original principal
-------------- amount of the Certificates)
(2) Balance: $0.00
--------------
$ - , per $1,000 original principal
-------------- amount of the Certificates)
(c) Amount of Administration Fee for related Collection Period: $3,000.00
----------
$ 0.0867052 per $1,000 original principal amount of
-------------------- the Certificates)
5
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(vii) (a) Aggregate amount of Realized Losses (if any) for the related
Collection Period: $0.00
-----
<TABLE>
<CAPTION>
(b) Delinquent Contracts # Disb. % $ Amount %
------- ----- ------------ -------
<S> <C> <C> <C> <C>
30-60 Days Delinquent 1,352 2.05% $ 14,902,517 2.94%
61-90 Days Delinquent 605 0.92% $ 7,137,868 1.41%
91-120 Days Delinquent 217 0.33% $ 2,483,768 0.49%
More than 120 Days Delinquent 733 1.11% $ 7,369,726 1.45%
Claims Filed Awaiting Payment 558 0.85% $ 5,280,402 1.04%
------ ------ ------------- ------
TOTAL 3,465 5.26% $ 37,174,281 7.32%
</TABLE>
(viii)Amount in the Reserve Account: $2,379,937.59
----------------
(ix) Amount in the Prefunding Account: $24,692.39
----------------
(x) Amount in the Subsequent Pre-Funding Subaccount at the end of the
Subsequent Funding Period to be distributed as a payment of principal in
respect of Notes: $0.00
------------
(xi) Amount in the Other Additional Prefunding Account at the end of the
Subsequent Funding Period to be distributed as a payment of principal in
respect of Notes: $0.00
------------
(xii) (a) Cumulative TERI Claims Ration as of Distribution Date 1.72%
----------
(b) TERI Trigger Event has not occured.
10/1/99 11:14 AM
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Exhibit 99(b)
KEYCORP STUDENT LOAN TRUST 1999-A
NOTEHOLDERS' STATEMENT
pursuant to Section 5.07(b) of Sale and Servicing
Agreement (capitalized terms used herein are defined in Appendix A thereto)
================================================================================
Distribution Date: September 27, 1999
(i) Amount of principal being paid or distributed:
(a) Class A-1 Notes: (1) $30,768,422.41
---------------
(2) $ 0.0001183 , per $1,000 original
--------------- principal amount of the
Notes)
(b) Class A-2 Notes: (1) $0.00
---------------
(2) $ - , per $1,000 original
--------------- principal amount of the
Notes)
(ii) Amount of interest being paid or distributed on:
(a) Class A-1 Notes: (1) $2,572,251.09 5.4037500% (Based on 3-Month
--------------- ---------- LIBOR)
(2) $ 0.0000099 , per $1,000 original principal
--------------- amount of the Notes)
(b) Class A-2 Notes: (1) $8,065,317.36 5.5937500% (Based on 3-Month
--------------- ---------- LIBOR)
(2) $ 0.0000141 , per $1,000 original principal
--------------- amount of the Notes)
(c) (1) 3 Mo. Libor for the reporting period from the previous Distribution
Date was: 5.0000000%
----------
(2) The Student Loan Rate was: Not Applicable
------------------
(iii)Amount of Noteholders' Interest Index Carryover being paid or distributed
(if any) and amount remaining (if any):
(a) Distributed: (1) $0.00
-------------
(2) $ - , per $1,000 original principal
------------- amount of the Notes)
(b) Balance: (1) $ -
-------------
(2) $ - , per $1,000 original principal
------------- amount of the Notes)
(iv) Pool Balance at end of related Collection Period: $741,933,471.35
------------------
(v) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $157,544,108.59
------------------
(2) Class A-1 Note Pool Factor: 0.60593888
--------------
(b) (1) Outstanding principal amount of Class A-2 Notes: $570,400,000.00
------------------
(2) Class A-2 Note Pool Factor: 1.00000000
-------------
(vi) (a) (1) Amount of Servicing Fee for related Collection Period: $809,773.61
-----------
(2) $ 0.9751609 , per $1,000 original principal amount of the Notes.
----------
(b) Amount of Excess Servicing Fee being distributed and remaining balance
(if any):
(1) Distributed: $0.00
------
$ - , per $1,000 original principal amount of the
Notes.
------
(2) Balance: $0.00
------
$ - , per $1,000 original principal amount of the
------ Notes.
(c) Amount of Administration Fee for related Collection Period: $3,000.00
----------
$ 0.0036127 , per $1,000 original principal amount of the Notes
-----------
7
<PAGE> 2
(vii)(a) Aggregate amount of Realized Losses (if any) for the related
Collection Period: $0.00
-----------
<TABLE>
<CAPTION>
(b) Delinquent Contracts # Disb. % $ Amount %
------- ----- ------------ -----
<S> <C> <C> <C> <C>
30-60 Days Delinquent 1,352 2.05% $ 14,902,517 2.94%
61-90 Days Delinquent 605 0.92% $ 7,137,868 1.41%
91-120 Days Delinquent 217 0.33% $ 2,483,768 0.49%
More than 120 Days Delinquent 733 1.11% $ 7,369,726 1.45%
Claims Filed Awaiting Payment 558 0.85% $ 5,280,402 1.04%
------ ----- ------------- ------
TOTAL 3,465 5.26% $ 37,174,281 7.32%
</TABLE>
(viii) Amount in the Reserve Account: $2,379,937.59
----------------
(ix) Amount in the Prefunding Account: $24,692.39
----------------
(x) Amount in the Subsequent Pre-Funding Subaccount at the end of the
Subsequent Funding Period to be distributed as a payment of principal in
respect of Notes: $0.00
------
(xi) Amount in the Other Additional Prefunding Account at the end of the
Subsequent Funding Period to be distributed as a payment of principal in
respect of Notes: $0.00
------
(xii)(a) Cumulative TERI Claims Ration as of Distribution Date 1.72%
-------
(b) TERI Trigger Event has not occured.
10/1/99 11:14 AM
8
