<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): February 25, 2000
-------------------------
KEYCORP STUDENT LOAN TRUST 1999-B
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-80109 36-4318790
- ---------------------------- ------------------------ --------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
c/o KeyBank, USA, as Administrator, 800 Superior Avenue, Attn: Roger Kondik,
Cleveland, Ohio 44114
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(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (216) 828-9367
----------------------------
Exhibit Index on Page 4
Page 1 of 8 pages
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Item 5. OTHER EVENTS
On February 25, 2000, the KeyCorp Student Loan Trust 1999-B (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 January 31, 2000, 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: February 25, 2000
KeyCorp Student Loan Trust 1999-B,
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-B
CERTIFICATEHOLDERS' STATEMENT
pursuant to Section 5.07(b) of Sale and Servicing Agreement
(capitalized terms used herein are defined in Appendix A thereto)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Date: February 25, 2000
<S> <C>
(i) Amount of principal being paid or distributed in respect of the Certificates:
$0.00
----------------------
( $ - , per $1,000 original principal amount of the Notes)
----------------------
(ii) Amount of interest being paid or distributed in respect of the Certificates:
$1,809,911.46
----------------------
( $ 0.0000278 , per $1,000 original principal amount of the Notes)
----------------------
(iii) Amount of Certificateholders' Interest Index Carryover being or
distributed (if any) and amount remaining (if any):
(1) Distributed to Certificateholders:
$0.00
----------------------
( $ - , per $1,000 original principal amount of the Certificates)
----------------------
(2) Balance on Certificateholders:
$0.00
----------------------
( $ - , per $1,000 original principal amount of the Notes)
----------------------
(iv) Payments made under the Cap Agreement on such date: Not Applicable
------------------------------
( $0.00 with respect to the Certificates,
----------------------
( $0.00 with respect to the Notes,
----------------------
( $0.00 outstanding amount owed to Cap Provider.
----------------------
(v) Pool Balance at end of related Collection Period: $911,291,259.00
-------------------------
(vi) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $257,147,022.08
-------------------------
(2) Class A-1 Note Pool Factor: 0.91838222
--------------------
(b) (1) Outstanding principal amount of Class A-2 Notes: $625,000,000.00
-------------------------
(2) Class A-2 Note Pool Factor: 1.00000000
--------------------
(c) (1) Outstanding principal amount of Class M Notes: $30,000,000.00
-------------------------
(2) Class M Note Pool Factor: 1.00000000
--------------------
(d) (1) Outstanding principal amount of Certificates: $65,000,000.00
-------------------------
(2) Certificate Pool Factor: 1.00000000
--------------------
(vii) Certificate Interest Rate:
(a) In general
(1) Three-Month Libor was
5.5087500% for the period from the Closing Date to but excluding 11/26/99 and
-----------------
6.1012500% for the period from and including 11/26/99 to but excluding 02/25/2000 and
-----------------
(2) The Student Loan Rate was: Not Applicable (1)
--------------------
(b) Certificate Interest Rate: 6.7730574% (Based on 3-Month LIBOR)
---------------
(1)This Calculation not required unless Three-Month LIBOR for such
Interest Period is 100 basis points greater than Three-Month LIBOR
of the preceding Determination Date.
</TABLE>
5
<PAGE> 2
Page 2
<TABLE>
<S> <C>
(viii) Amount of Master Servicing Fee for related Collection Period: $1,834,579.68
--------------------
$ 0.000028224 , per $1,000 original principal amount of the Certificates.
----------------------
(ix) Amount of Administration Fee for related Collection Period: $3,000.00
--------------------
$ 0.046153846 , per $1,000 original principal amount of the Certificates.
----------------------
(x) (a) Aggregate amount of Realized Losses (if any) for the related Collection Period: $680,220.67
---------------
(b) Delinquent Contracts # Disb. % $ Amount %
------- - -------- -
30-60 Days Delinquent 4,387 7.98% $ 39,702,447 9.31%
61-90 Days Delinquent 1,020 1.85% $ 9,319,248 2.18%
91-120 Days Delinquent 305 0.55% $ 2,528,373 0.59%
More than 120 Days Delinquent 437 0.79% $ 3,706,003 0.87%
Claims Filed Awaiting Payment 29 0.05% $ 383,149 0.09%
---------- ---------- ------------------- ---------
TOTAL 6,178 11.23% $ 55,639,220 13.04%
(xi) Amount in the Reserve Account: $17,500,000.00
--------------------
(xii) Amount in the Prefunding Account: $48,186,492.59
--------------------
(xiii)Amount remaining in the Subsequent Pool Pre-Funding Subaccount not used to acquire
Subsequent Pool Student Loans: 0.00
----------
</TABLE>
6
<PAGE> 1
Exhibit 99(b)
KEYCORP STUDENT LOAN TRUST 1999-B
NOTEHOLDERS' STATEMENT
pursuant to Section 5.07(b) of Sale and Servicing
Agreement (capitalized terms used herein are defined in Appendix A thereto)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Date: February 25, 2000
<S> <C>
(i) Amount of principal being paid or distributed in respect of the Class A-1 Notes:
$22,852,977.92
--------------------
( $ 0.0000816 08,6per $1,000 original principal amount of the Notes)
--------------------
(ii) Amount of principal being paid or distributed in respect of the Class A-2 Notes:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(iii) Amount of principal being paid or distributed in respect of the Class M Notes:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(iv) Amount of interest being paid or distributed in respect of the Class A-1 Notes:
$7,082,852.78
--------------------
( $ 0.0000253 , per $1,000 original principal amount of the Notes)
--------------------
(v) Amount of interest being paid or distributed in respect of the Class A-2 Notes:
$16,195,355.90
--------------------
( $ 0.0000259 , per $1,000 original principal amount of the Notes)
--------------------
(vi) Amount of interest being paid or distributed in respect of the Class M Notes:
$810,677.08
--------------------
( $ 0.0000270 , per $1,000 original principal amount of the Notes)
--------------------
(vii) Amount of Noteholders' Interest Index Carryover being or distributed (if any) and amount
remaining (if any):
(1) Distributed to Class A-1 Noteholders:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(2) Distributed to Class A-2 Noteholders:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(3) Distributed to Class M Noteholders:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(4) Balance on Class A-1 Notes:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(5) Balance on Class A-2 Notes:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(6) Balance on Class M Notes:
$0.00
--------------------
( $ - , per $1,000 original principal amount of the Notes)
--------------------
(viii) Payments made under the Cap Agreement on such date: Not Applicable
--------------------------------
( $0.00 with respect to the Class A-1 Notes,
--------------------
( $0.00 with respect to the Class A-2 Notes,
--------------------
( $0.00 with respect to the Class M Notes,
--------------------
(ix) Pool Balance at end of related Collection Period: $911,291,259.00
---------------------------
</TABLE>
7
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Page 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(x) After giving effect to distributions on this Distribution Date:
(a) (1) Outstanding principal amount of Class A-1 Notes: $257,147,022.08
---------------------------
(2) Class A-1 Note Pool Factor: 0.91838222
--------------------
(b) (1) Outstanding principal amount of Class A-2 Notes: $625,000,000.00
---------------------------
(2) Class A-2 Note Pool Factor: 1.00000000
--------------------
(c) (1) Outstanding principal amount of Class M Notes: $30,000,000.00
---------------------------
(2) Class M Note Pool Factor: 1.00000000
--------------------
(d) (1) Outstanding principal amount of Certificates: $65,000,000.00
---------------------------
(2) Certificate Pool Factor: 1.00000000
--------------------
(xi) Note Interest Rate for the Notes:
(a) In general
(1) Three-Month Libor was
5.5087500% for the period from the Closing Date to but excluding 11/26/99 and
---------------
6.1012500% for the period from and including 11/26/99 to but excluding 02/25/2000 and
---------------
(2) The Student Loan Rate was: Not Applicable (1)
--------------------
(b) Note Interest Rate for the Class A-1 Notes: 6.1530574% (Based on 3-Month LIBOR)
---------------
(c) Note Interest Rate for the Class A-2 Notes: 6.3030574% (Based on 3-Month LIBOR)
---------------
(d) Note Interest Rate for the Class M Notes: 6.5730574% (Based on 3-Month LIBOR)
---------------
(xii) (a) Amount of Master Servicing Fee for related Collection Period: $1,834,579.68
----------------------
$ 0.000006552 , per $1,000 original principal amount of the Class A-1 Notes.
--------------------
$ 0.000002935 , per $1,000 original principal amount of the Class A-2 Notes.
--------------------
$ 0.000061153 , per $1,000 original principal amount of the Class M Notes.
--------------------
(xiii) Amount of Administration Fee for related Collection Period: $3,000.00
----------------------
$ 0.000000011 , per $1,000 original principal amount of the Class A-1 Notes.
--------------------
$ 0.000000005 , per $1,000 original principal amount of the Class A-2 Notes.
--------------------
$ 0.000000100 , per $1,000 original principal amount of the Class M Notes.
--------------------
(xiv) (a) Aggregate amount of Realized Losses (if any) for the related Collection Period: $680,220.67
--------------------
(b) Delinquent Contracts # Disb. % $ Amount %
------- - -------- -
30-60 Days Delinquent 4,387 7.98% $ 39,702,447 9.31%
61-90 Days Delinquent 1,020 1.85% $ 9,319,248 2.18%
91-120 Days Delinquent 305 0.55% $ 2,528,373 0.59%
More than 120 Days Delinquent 437 0.79% $ 3,706,003 0.87%
Claims Filed Awaiting Payment 29 0.05% $ 383,149 0.09%
---------- ---------- -------------- ----------
TOTAL 6,178 11.23% $ 55,639,220 13.04%
(xv) Amount in the Prefunding Account: $48,186,492.59
--------------------
(xvi) Amount remaining in the Subsequent Pool Pre-Funding Subaccount not used to acquire
Subsequent Pool Student Loans: 0.00
----------
</TABLE>
(1)This Calculation not required unless Three-Month LIBOR for such Interest
Period is 100 basis points greater than Three-Month LIBOR of the
preceding Determination Date.
8
