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Previous: CORILLIAN CORP, S-1, 2000-01-27 |
Next: HELLER FUNDING CORP, 8-K, 2000-01-27 |
<PAGE>
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: January 14, 2000
(Date of earliest event reported)
HELLER FUNDING CORPORATION
HELLER EQUIPMENT ASSET RECEIVABLES TRUST 1999-2
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
333-30207 36-4165546
(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
(Address of principal executive offices) (Zip Code)
(312) 441-7246
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
Attached, for the Distribution Date of January 14, 2000, is the Monthly Report,
filed as Exhibit 99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99 Heller Funding Corporation - Monthly Report for the Distribution Date of
January 14, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: January 27, 2000
----------------
HELLER FUNDING CORPORATION
By: /s/ Carol J. Radtke
-------------------------------
Carol J. Radtke
Title: Assistant Vice President
<PAGE>
EXHIBIT INDEX
Exhibit
Number Document Description
- ------ --------------------
99 Heller Funding Corporation - Monthly Report for the Distribution
Date of January 14, 2000.
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-2
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Heller Financial, Inc.
Monthly Report - Collections and Distribution
14-Jan-00
Collection Period December 2, 1999 to January 1, 2000
Determination Date January 11, 2000
Distribution Date January 14, 2000
Available Amounts
- -----------------
Scheduled Payments plus Payaheads, net of Excluded Amounts 4,736,447.44
Prepayment Amounts 3,067,668.54
Recoveries 0.00
Investment Earnings on Collection Account and Reserve Fund 0.00
Late Charges 3,988.75
Servicer Advances 6,717,237.32
Total Available Amounts 14,525,342.05
----------------------- -------------
Payments on Distribution Date
- -----------------------------
(A)** Trustee Fees (only applicable pursuant to an Event of Default) 0.00
(A) Unreimbursed Servicer Advances to the Servicer 0.00
(B) Monthly Servicing Fee, if Heller Financial, Inc. is not the Servicer 0.00
(C) Interest due to Class A-1 Notes 492,946.40
(D) Interest due to Class A-2 Notes 419,782.58
(E) Interest due to Class A-3 Notes 584,443.67
(F) Interest due to Class A-4 Notes 380,594.75
(G) Interest due to Class B Notes 26,198.33
(H) Interest due to Class C Notes 26,731.44
(I) Interest due to Class D Notes 45,146.43
(J) Interest due to Class E Notes 29,031.41
(K) Class A-1 Principal Payment Amount 11,600,989.70
(L) Class A-2 Principal Payment Amount 0.00
(M) Class A-3 Principal Payment Amount 0.00
(N) Class A-4 Principal Payment Amount 0.00
(O) Class B Principal Payment Amount 154,268.49
(P) Class C Principal Payment Amount 154,268.49
(Q) Class D Principal Payment Amount 246,829.58
(R) Class E Principal Payment Amount 123,414.78
(S) Additional Principal to Class A-1 Notes 0.00
(T) Additional Principal to Class A-2 Notes 0.00
(U) Additional Principal to Class A-3 Notes 0.00
(V) Additional Principal to Class A-4 Notes 0.00
(W) Additional Principal to Class B Notes 0.00
(X) Additional Principal to Class C Notes 0.00
(Y) Additional Principal to Class D Notes 0.00
(Z) Additional Principal to Class E Notes 0.00
(AA) Monthly Servicing Fee, if Heller Financial, Inc. is the Servicer 121,852.71
(AB) Deposit to the Reserve Fund 118,843.29
(AC) Excess to Certificateholder 0.00
Total distributions to Noteholders and Certificateholders 14,525,342.05
--------------------------------------------------------- -------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-2
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
Heller Financial, Inc.
Monthly Report - Schedules
Trustee Fees, in Event of Default only
- --------------------------------------
Trustee fees due on Distribution Date 0.00
Unreimbursed Servicer Advances
- ------------------------------
Unreimbursed Servicer Advances 0.00
Monthly Servicing Fee Schedule, if Servicing has been transferred
- -----------------------------------------------------------------
(i) Servicing Fee Percentage 0.40%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 365,558,126.61
(iii) Servicing Fee ( ( (i) / 12 ) x (ii) ) 0.00
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ( (iii) + (iv) ) 0.00
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 0.00
Class A-1 Interest Schedule
- ---------------------------
Opening Class A-1 principal balance 93,400,101.00
Class A-1 Interest Rate 6.12905%
Number of days in Accrual Period 31
Current Class A-1 interest due 492,946.40
Class A-1 interest accrued but not paid in prior periods 0.00
Total Class A-1 interest due 492,946.40
Class A-1 interest carried forward 0.00
Class A-1 interest distribution 492,946.40
Class A-2 Interest Schedule
- ---------------------------
Opening Class A-2 principal balance 77,498,323.00
Class A-2 Interest Rate 6.50000%
Current Class A-2 interest due 419,782.58
Class A-2 interest accrued but not paid in prior periods 0.00
Total Class A-2 interest due 419,782.58
Class A-2 interest carried forward 0.00
Class A-2 interest distribution 419,782.58
Class A-3 Interest Schedule
- ---------------------------
Opening Class A-3 principal balance 105,463,520.00
Class A-3 Interest Rate 6.65000%
Current Class A-3 interest due 584,443.67
Class A-3 interest accrued but not paid in prior periods 0.00
Total Class A-3 interest due 584,443.67
Class A-3 interest carried forward 0.00
Class A-3 interest distribution 584,443.67
Class A-4 Interest Schedule
- ---------------------------
Opening Class A-4 principal balance 67,262,695.00
Class A-4 Interest Rate 6.79000%
Current Class A-4 interest due 380,594.75
Class A-4 interest accrued but not paid in prior periods -
Total Class A-4 interest due 380,594.75
Class A-4 interest carried forward -
Class A-4 interest distribution 380,594.75
Class B Interest Schedule
- -------------------------
Opening Class B principal balance 4,569,477.00
Class B Interest Rate 6.88000%
Current Class B interest due 26,198.33
Class B interest accrued but not paid in prior periods -
Total Class B interest due 26,198.33
Class B interest carried forward -
Class B interest distribution 26,198.33
</TABLE>
<PAGE>
<TABLE>
Class C Interest Schedule
- -------------------------
<S> <C>
Opening Class C principal balance 4,569,477.00
Class C Interest Rate 7.02000%
Current Class C interest due 26,731.44
Class C interest accrued but not paid in prior periods -
Total Class C interest due 26,731.44
Class C interest carried forward -
Class C interest distribution 26,731.44
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 7,311,163.00
Class D Interest Rate 7.41000%
Current Class D interest due 45,146.43
Class D interest accrued but not paid in prior periods 0.00
Total Class D interest due 45,146.43
Class D interest carried forward 0.00
Class D interest distribution 45,146.43
Class E Interest Schedule
- -------------------------
Opening Class E principal balance 3,655,581.00
Class E Interest Rate 9.53000%
Current Class E interest due 29,031.41
Class E interest accrued but not paid in prior periods 0.00
Total Class E interest due 29,031.41
Class E interest carried forward 0.00
Class E interest distribution 29,031.41
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date January 6, 2001
(i) Opening Class A-1 principal balance 93,400,101.00
(ii) Aggregate outstanding principal of Notes plus Overcollateralization Balance 365,558,126.61
(iii) ADCB as of last day of the Collection Period 353,216,648.19
Monthly Principal Amount ( (ii) - (iii) ) 12,341,478.42
(iv) Class A-1 Principal Payment Amount 11,600,989.70
Class A-1 Principal Payment Amount due (lesser of (i) or (iv)) 11,600,989.70
Class A-1 Principal Payment Amount distribution 11,600,989.70
Principal carryforward Class A-1 0.00
Class A-1 Principal Balance after current distribution 81,799,111.30
Class A Principal Payment Amount
- --------------------------------
(i) Aggregate opening Class A-1, A-2, A-3 and A-4 Outstanding Principal Amount 343,624,639.00
(ii) Class A Target Investor Principal Amount (94.0% * ending ADCB) 332,023,649.30
Class A Principal Payment Amount 11,600,989.70
Funds available for distribution after Class A-1 distribution 919,477.34
Class A-2 Principal Schedule
- ----------------------------
Opening Class A-2 principal balance 77,498,323.00
Class A-2 Principal Payment Amount 0.00
Class A-2 Principal Payment Amount distribution 0.00
Principal carryforward Class A-2 0.00
Class A-2 principal balance after current distribution 77,498,323.00
</TABLE>
<PAGE>
<TABLE>
Class A-3 Principal Schedule
- ----------------------------
<S> <C>
Opening Class A-3 principal balance 105,463,520.00
Class A-3 Principal Payment Amount 0.00
Class A-3 Principal Payment Amount distribution 0.00
Principal carryforward Class A-3 0.00
Class A-3 principal balance after current distribution 105,463,520.00
Class A-4 Principal Schedule
- ----------------------------
Opening Class A-4 principal balance 67,262,695.00
Class A-4 Principal Payment Amount 0.00
Class A-4 Principal Payment Amount distribution 0.00
Principal carryforward Class A-4 0.00
Class A-4 principal balance after current distribution 67,262,695.00
Class B Principal Schedule
- --------------------------
Opening Class B principal balance 4,569,477.00
Class B Target Investor Principal Amount (1.25% * ending ADCB) 4,415,208.51
Class B Floor (10,564,629.46)
Class B Principal Payment Amount due 154,268.49
Class B Principal Payment Amount distribution 154,268.49
Principal carryforward Class B 0.00
Class B principal balance after current distribution 4,415,208.51
Class C Principal Schedule
- --------------------------
Opening Class C principal balance 4,569,477.00
Class C Target Investor Principal Amount (1.25% * ending ADCB) 4,415,208.51
Class C Floor (7,411,690.20)
Class C Principal Payment Amount due 154,268.49
Class C Principal Payment Amount distribution 154,268.49
Principal carryforward Class C 0.00
Class C principal balance after current distribution 4,415,208.51
Class D Principal Schedule
- --------------------------
Opening Class D principal balance 7,311,163.00
Class D Target Investor Principal Amount (2.00% * ending ADCB) 7,064,333.42
Class D Floor (1,517,064.94)
Class D Principal Payment Amount due 246,829.58
Class D Principal Payment Amount distribution 246,829.58
Principal carryforward Class D 0.00
Class D principal balance after current distribution 7,064,333.42
Class E Principal Schedule
- --------------------------
Opening Class E principal balance 3,655,581.00
Class E Target Investor Principal Amount (1.00% * ending ADCB) 3,532,166.22
Class E Floor (127,944.32)
Class E Principal Payment Amount due 123,414.78
Class E Principal Payment Amount distribution 123,414.78
Principal carryforward Class E 0.00
Class E principal balance after current distribution 3,532,166.22
</TABLE>
<PAGE>
<TABLE>
Additional Principal Schedule
- -----------------------------
<S> <C>
Floors applicable (Yes/No) No
Monthly Principal Amount 12,341,478.42
Sum of Principal Payments payable on all classes 12,279,771.04
Additional Principal payable 0.00
Additional Principal available, if payable 0.00
Class A-1 Additional Principal allocation 0.00
Class A-1 principal balance after current distribution 81,799,111.30
Class A-2 Additional Principal allocation 0.00
Class A-2 principal balance after current distribution 77,498,323.00
Class A-3 Additional Principal allocation 0.00
Class A-3 principal balance after current distribution 105,463,520.00
Class A-4 Additional Principal allocation 0.00
Class A-4 principal balance after current distribution 67,262,695.00
Class B Additional Principal allocation 0.00
Class B principal balance after current distribution 4,415,208.51
Class C Additional Principal allocation 0.00
Class C principal balance after current distribution 4,415,208.51
Class D Additional Principal allocation 0.00
Class D principal balance after current distribution 7,064,333.42
Class E Additional Principal allocation 0.00
Class E principal balance after current distribution 3,532,166.22
Monthly Servicing Fee Schedule, if Heller Financial, Inc. is the Servicer
- -------------------------------------------------------------------------
(i) Servicing Fee Percentage 0.40%
(ii) ADCB of Contract Pool as of the 1st day of the Collection Period 365,558,126.61
(iii) Servicing Fee due ( ( (i) / 12 ) * (ii) ) 121,852.71
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ( (iii) + (iv) ) 121,852.71
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 121,852.71
Reserve Fund Schedule
- ---------------------
Initial ADCB 365,558,126.61
10% of Initial ADCB 36,555,812.66
Outstanding Principal Amount of the Notes as of the preceding Distribution Date 363,730,337.00
ADCB as of the end of the Collection Period 353,216,648.19
Required Reserve Amount (beginning of the period aggregate note balances * 0.70%) 2,546,112.36
Prior month Reserve Fund balance 365,558.13
Deposit to Reserve Fund - excess funds 118,843.29
Interim Reserve Fund Balance 484,401.42
Current period draw on Reserve Fund for Reserve Interest Payments 0.00
Current period draw on Reserve Fund for Reserve Principal Payments 0.00
Excess to Certificateholder 0.00
Ending Reserve Fund balance 484,401.42
Reserve Fund balance as a percentage of aggregate note balances as of the first
day of the Collection Period 0.13%
Investment Earnings on Reserve Account 0.00
</TABLE>
<PAGE>
<TABLE>
Heller Equipment Asset Receivables Trust 1999-2
- ------------------------------------------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
<S> <C>
Class A-1
---------
Class A-1 principal balance 81,799,111.30
Initial Class A-1 principal balance 93,400,101.00
Note factor 0.875792536
Class A-2
---------
Class A-2 principal balance 77,498,323.00
Initial Class A-2 principal balance 77,498,323.00
Note factor 1.000000000
Class A-3
---------
Class A-3 principal balance 105,463,520.00
Initial Class A-3 principal balance 105,463,520.00
Note factor 1.000000000
Class A-4
---------
Class A-4 principal balance 67,262,695.00
Initial Class A-4 principal balance 67,262,695.00
Note factor 1.000000000
Class B
-------
Class B principal balance 4,415,208.51
Initial Class B principal balance 4,569,477.00
Note factor 0.966239355
Class C
-------
Class C principal balance 4,415,208.51
Initial Class C principal balance 4,569,477.00
Note factor 0.966239355
Class D
-------
Class D principal balance 7,064,333.42
Initial Class D principal balance 7,311,163.00
Note factor 0.966239355
Class E
-------
Class E principal balance 3,532,166.22
Initial Class E principal balance 3,655,581.00
Note factor 0.966239353
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
<TABLE>
<CAPTION>
Cumulative Loss Amount Schedule
- -------------------------------
<S> <C>
(i) Outstanding Principal Amount of the Notes as of the preceding Distribution Date 363,730,337.00
(ii) Overcollateralization Balance as of the preceding Distribution Date 1,827,789.61
(iii) Monthly Principal Amount 12,341,478.42
(iv) Available Amounts remaining after the payment of interest 12,520,467.04
(v) ADCB as of the end of the Collection Period 353,216,648.19
Cumulative Loss Amount 0.00
Class B Floor Calculation
- -------------------------
Class B Floor percentage 1.8600%
Initial ADCB 365,558,126.61
Cumulative Loss Amount for current period 0.00
Sum of Outstanding Principal Amount of Class C Notes, Class D Notes,
Class E Notes and Overcollateralization Balance 17,364,010.61
Class B Floor (10,564,629.46)
Class C Floor Calculation
- -------------------------
Class C Floor percentage 1.4725%
Initial ADCB 365,558,126.61
Cumulative Loss Amount for current period 0.00
Sum of Outstanding Principal Amount of Class D Notes, Class E Notes and Overcollateralization Balance 12,794,533.61
Class C Floor (7,411,690.20)
Class D Floor Calculation
- -------------------------
Class D Floor percentage 1.0850%
Initial ADCB 365,558,126.61
Cumulative Loss Amount for current period 0.00
Sum of Outstanding Principal Amount of Class E Notes and Overcollateralization Balance 5,483,370.61
Class D Floor (1,517,064.94)
Class E Floor Calculation
- -------------------------
Class E Floor percentage 0.4650%
Initial ADCB 365,558,126.61
Cumulative Loss Amount for current period 0.00
Overcollateralization Balance 1,827,789.61
Class E Floor (127,944.32)
Heller Financial, Inc. is the Servicer (Yes/No) Yes
An Event of Default has occurred (Yes/No) No
10% Substitution Limit Calculation
- ----------------------------------
ADCB as of the Cut-off Date: 365,558,126.61
Cumulative DCB of Substitute Contracts replacing materially modified contracts 0
Percentage of Substitute Contracts replacing materially modified contracts 0
Percentage of Substitute Contracts replacing modified contracts exceeds 10% (Yes/No) No
5% Skipped Payment Limit Calculation
- ------------------------------------
The percent of contracts with Skipped Payment modifications 0
The DCB of Skipped Payment modifications exceeds 5% of the initial ADCB (Yes/No) No
Any Skipped Payments have been deferred later than January 1, 2006 N/A
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Pool Data
<TABLE>
<CAPTION>
Pool Data
- ---------
<S> <C>
ADCB as of the first day of the Collection Period 365,558,126.61
ADCB as of the last day of the Collection Period 353,216,648.19
DCB as of the first day of the Collection Period of Contracts that became Defaulted Contracts 0.00
Number of Contracts that became Defaulted Contracts during the period 0
Defaulted Contracts as a percentage of ADCB (annualized) 0.00%
DCB of Contracts as of the last day of the Collection Period that became Prepaid Contracts 2,731,252.83
Number of Prepaid Contracts as of the last day of the Collection Period 2
DCB of Contracts as of the last day of the Collection Period that were added as Substitute Contracts 0.00
Number of Substitute Contracts as of the last day of the Collection Period 0
DCB of Contracts as of the last day of the Collection Period that became Warranty Contracts 0.00
Number of Warranty Contracts as of the last day of the Collection Period 0
Recoveries collected relating to Defaulted Contracts as of the last day of the Collection Period 0.00
Cumulative Servicer Advances paid by the Servicer 6,717,237.32
Cumulative reimbursed Servicer Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquencies and Losses Dollars Percent
- ------------------------ -------- --------
<S> <C> <C>
Current 324,658,051.10 91.91%
31-60 days past due 18,260,815.08 5.17%
61-90 days past due 10,297,782.01 2.92%
Over 90 days past due 0.00 0.00%
Total 353,216,648.19 100.00%
31+ days past due 28,558,597.09 8.09%
</TABLE>
(i) Cumulative ADCB of Defaulted Contracts (cumulative
gross losses to date) 0.00
(ii) Cumulative Recoveries realized on Defaulted Contracts 0.00
Cumulative net losses to date ( (i) - (ii) ) 0.00
Cumulative net losses as a percentage of the initial ADCB 0.00%
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