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Previous: HELLER FUNDING CORP, 8-K, 2000-04-28 |
Next: CHILDRENS PLACE RETAIL STORES INC, 10-K405, 2000-04-28 |
<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: April 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 April 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
April 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: April 28, 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 April 14, 2000.
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Collections and Distribution
14-Apr-00
<TABLE>
<CAPTION>
<S> <C>
Collection Period March 2, 2000 to April 1, 2000
Determination Date April 11, 2000
Distribution Date April 14, 2000
Available Amounts
- -----------------
Scheduled Payments plus Payaheads, net of Excluded Amounts 11,568,067.31
Prepayment Amounts 145,473.33
Recoveries 0.00
Investment Earnings on Collection Account and Reserve Fund 16,441.24
Late Charges 3,728.69
Servicer Advances 317,611.86
Total Available Amounts 12,051,322.43
----------------------- -------------
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 338,746.62
(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 23,970.82
(H) Interest due to Class C Notes 24,458.60
(I) Interest due to Class D Notes 41,307.85
(J) Interest due to Class E Notes 26,563.01
(K) Class A-1 Principal Payment Amount 9,434,389.27
(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 125,457.31
(P) Class C Principal Payment Amount 125,457.31
(Q) Class D Principal Payment Amount 200,731.70
(R) Class E Principal Payment Amount 100,365.84
(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 111,492.17
(AB) Deposit to the Reserve Fund 113,560.93
(AC) Excess to Certificateholder 0.00
Total distributions to Noteholders and Certificateholders 12,051,322.43
--------------------------------------------------------- -------------
</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 334,476,512.85
(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 64,183,384.08
Class A-1 Interest Rate 6.12905%
Number of days in Accrual Period 31
Current Class A-1 interest due 338,746.62
Class A-1 interest accrued but not paid in prior periods 0.00
Total Class A-1 interest due 338,746.62
Class A-1 interest carried forward 0.00
Class A-1 interest distribution 338,746.62
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 4,180,956.79
Class B Interest Rate 6.88000%
Current Class B interest due 23,970.82
Class B interest accrued but not paid in prior periods -
Total Class B interest due 23,970.82
Class B interest carried forward -
Class B interest distribution 23,970.82
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class C Interest Schedule
- -------------------------
<S> <C> <C>
Opening Class C principal balance 4,180,956.79
Class C Interest Rate 7.02000%
Current Class C interest due 24,458.60
Class C interest accrued but not paid in prior periods -
Total Class C interest due 24,458.60
Class C interest carried forward -
Class C interest distribution 24,458.60
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 6,689,530.69
Class D Interest Rate 7.41000%
Current Class D interest due 41,307.85
Class D interest accrued but not paid in prior periods 0.00
Total Class D interest due 41,307.85
Class D interest carried forward 0.00
Class D interest distribution 41,307.85
Class E Interest Schedule
- -------------------------
Opening Class E principal balance 3,344,764.89
Class E Interest Rate 9.53000%
Current Class E interest due 26,563.01
Class E interest accrued but not paid in prior periods 0.00
Total Class E interest due 26,563.01
Class E interest carried forward 0.00
Class E interest distribution 26,563.01
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date January 6, 2001
(i) Opening Class A-1 principal balance 64,183,384.08
(ii) Aggregate outstanding principal of Notes plus Overcollateralization Balance 334,476,512.85
(iii) ADCB as of last day of the Collection Period 324,439,928.52
Monthly Principal Amount ( (ii) - (iii) ) 10,036,584.33
(iv) Class A-1 Principal Payment Amount 9,434,389.27
Class A-1 Principal Payment Amount due (lesser of (i) or (iv)) 9,434,389.27
Class A-1 Principal Payment Amount distribution 9,434,389.27
Principal carryforward Class A-1 0.00
Class A-1 Principal Balance after current distribution 54,748,994.81
Class A Principal Payment Amount
- --------------------------------
(i) Aggregate opening Class A-1, A-2, A-3 and A-4 Outstanding Principal Amount 314,407,922.08
(ii) Class A Target Investor Principal Amount (94.0% * ending ADCB) 304,973,532.81
Class A Principal Payment Amount 9,434,389.27
Funds available for distribution after Class A-1 distribution 777,065.26
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>
<CAPTION>
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 4,180,956.79
Class B Target Investor Principal Amount (1.25% * ending ADCB) 4,055,499.48
Class B Floor (9,088,252.83)
Class B Principal Payment Amount due 125,457.31
Class B Principal Payment Amount distribution 125,457.31
Principal carryforward Class B 0.00
Class B principal balance after current distribution 4,055,499.48
Class C Principal Schedule
- --------------------------
Opening Class C principal balance 4,180,956.79
Class C Target Investor Principal Amount (1.25% * ending ADCB) 4,055,499.48
Class C Floor (6,323,833.78)
Class C Principal Payment Amount due 125,457.31
Class C Principal Payment Amount distribution 125,457.31
Principal carryforward Class C 0.00
Class C principal balance after current distribution 4,055,499.48
Class D Principal Schedule
- --------------------------
Opening Class D principal balance 6,689,530.69
Class D Target Investor Principal Amount (2.00% * ending ADCB) 6,488,798.99
Class D Floor (1,050,840.83)
Class D Principal Payment Amount due 200,731.70
Class D Principal Payment Amount distribution 200,731.70
Principal carryforward Class D 0.00
Class D principal balance after current distribution 6,488,798.99
Class E Principal Schedule
- --------------------------
Opening Class E principal balance 3,344,764.89
Class E Target Investor Principal Amount (1.00% * ending ADCB) 3,244,399.05
Class E Floor 27,463.68
Class E Principal Payment Amount due 100,365.84
Class E Principal Payment Amount distribution 100,365.84
Principal carryforward Class E 0.00
Class E principal balance after current distribution 3,244,399.05
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Additional Principal Schedule
- -----------------------------
<S> <C> <C>
Floors applicable (Yes/No) No
Monthly Principal Amount 10,036,584.33
Sum of Principal Payments payable on all classes 9,986,401.43
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 54,748,994.81
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 4,055,499.48
Class C Additional Principal allocation 0.00
Class C principal balance after current distribution 4,055,499.48
Class D Additional Principal allocation 0.00
Class D principal balance after current distribution 6,488,798.99
Class E Additional Principal allocation 0.00
Class E principal balance after current distribution 3,244,399.05
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 334,476,512.85
(iii) Servicing Fee due ( ( (i) / 12 ) * (ii) ) 111,492.17
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ( (iii) + (iv) ) 111,492.17
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 111,492.17
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 332,804,131.24
ADCB as of the end of the Collection Period 324,439,928.52
Required Reserve Amount (beginning of the period aggregate note balances * 0.70%) 2,329,628.92
Prior month Reserve Fund balance 769,577.95
Deposit to Reserve Fund - excess funds 113,560.93
Interim Reserve Fund Balance 883,138.88
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 883,138.88
Reserve Fund balance as a percentage of aggregate note balances as of the first day of
the Collection Period 0.27%
Investment Earnings on Reserve Account 3,203.86
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
<S> <C>
Class A-1
---------
Class A-1 principal balance 54,748,994.81
Initial Class A-1 principal balance 93,400,101.00
Note factor 0.586177041
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 4,055,499.48
Initial Class B principal balance 4,569,477.00
Note factor 0.887519399
Class C
-------
Class C principal balance 4,055,499.48
Initial Class C principal balance 4,569,477.00
Note factor 0.887519399
Class D
-------
Class D principal balance 6,488,798.99
Initial Class D principal balance 7,311,163.00
Note factor 0.887519399
Class E
-------
Class E principal balance 3,244,399.05
Initial Class E principal balance 3,655,581.00
Note factor 0.887519398
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- ------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
Cumulative Loss Amount Schedule
- -------------------------------
<TABLE>
<S> <C> <C>
(i) Outstanding Principal Amount of the Notes as of the preceding Distribution Date 332,804,131.24
(ii) Overcollateralization Balance as of the preceding Distribution Date 1,672,381.61
(iii) Monthly Principal Amount 10,036,584.33
(iv) Available Amounts remaining after the payment of interest 10,211,454.53
(v) ADCB as of the end of the Collection Period 324,439,928.52
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 15,887,633.98
Class B Floor (9,088,252.83)
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 11,706,677.19
Class C Floor (6,323,833.78)
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 5,017,146.50
Class D Floor (1,050,840.83)
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 1,672,381.61
Class E Floor 27,463.68
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
Pool Data
- ---------
<TABLE>
<S> <C>
ADCB as of the first day of the Collection Period 334,476,512.85
Principal collections (9,989,593.07)
Prepayment Amounts (144,615.88)
Defaulted Contracts (66,722.42)
Change in payaheads 25,708.33
Other items including Substitutions and Repurchases 138,638.71
ADCB as of the last day of the Collection Period 324,439,928.52
DCB as of the first day of the Collection Period of Contracts
that became Defaulted Contracts 66,722.42
Number of Contracts that became Defaulted Contracts during
the period 1
Defaulted Contracts as a percentage of ADCB (annualized) 0.25%
DCB of Contracts as of the last day of the Collection Period
that became Prepaid Contracts 144,615.88
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 2,270,782.50
Number of Substitute Contracts as of the last day of the
Collection Period 2
DCB of Contracts as of the last day of the Collection Period
that became Warranty Contracts 2,207,710.31
Number of Warranty Contracts as of the last day of the
Collection Period 3
Recoveries collected relating to Defaulted Contracts as of
the last day of the Collection Period 0.00
Cumulative Servicer Advances paid by the Servicer 9,653,729.92
Cumulative reimbursed Servicer Advances 9,336,118.06
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Delinquencies and Losses Dollars Percent
- ------------------------ ------- -------
Current 305,138,723.09 94.05%
31-60 days past due 15,945,457.23 4.91%
61-90 days past due 2,426,464.63 0.75%
Over 90 days past due 929,283.57 0.29%
Total 324,439,928.52 100.00%
31+ days past due 19,301,205.43 5.95%
</TABLE>
<TABLE>
<S> <C>
(i) Cumulative ADCB of Defaulted Contracts (cumulative
gross losses to date) 66,722.42
(ii) Cumulative Recoveries realized on Defaulted Contracts 0.00
Cumulative net losses to date ( (i) - (ii) ) 66,722.42
Cumulative net losses as a percentage of the initial ADCB 0.02%
</TABLE>
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