<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: March 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 March 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 March 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: March 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 March 14, 2000.
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Collections and Distribution
14-Feb-00
Collection Period February 2, 2000 to March 1, 2000
Determination Date March 9, 2000
Distribution Date March 14, 2000
Available Amounts
- -----------------
Scheduled Payments plus Payaheads, net of Excluded
Amounts 10,021,818.36
Prepayment Amounts 221,370.98
Recoveries 0.00
Investment Earnings on Collection Account and
Reserve Fund 29,431.66
Late Charges 6,221.17
Servicer Advances 0.00
Total Available Amounts 10,278,842.17
----------------------- -------------
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 354,930.31
(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 24,558.20
(H) Interest due to Class C Notes 25,057.93
(I) Interest due to Class D Notes 42,320.06
(J) Interest due to Class E Notes 27,213.91
(K) Class A-1 Principal Payment Amount 7,704,289.19
(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 102,450.67
(P) Class C Principal Payment Amount 102,450.67
(Q) Class D Principal Payment Amount 163,921.05
(R) Class E Principal Payment Amount 81,960.51
(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 114,224.19
(AB) Deposit to the Reserve Fund 150,644.48
(AC) Excess to Certificateholder 0.00
Total distributions to Noteholders and
Certificateholders 10,278,842.17
------------------ -------------
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
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 353,216,648.19
(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 71,887,673.27
Class A-1 Interest Rate 6.12905%
Number of days in Accrual Period 29
Current Class A-1 interest due 354,930.31
Class A-1 interest accrued but not paid in prior periods 0.00
Total Class A-1 interest due 354,930.31
Class A-1 interest carried forward 0.00
Class A-1 interest distribution 354,930.31
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 4,283,407.46
Class B Interest Rate 6.88000%
Current Class B interest due 24,558.20
Class B interest accrued but not paid in prior periods -
Total Class B interest due 24,558.20
Class B interest carried forward -
Class B interest distribution 24,558.20
<PAGE>
Class C Interest Schedule
- -------------------------
Opening Class C principal balance 4,283,407.46
Class C Interest Rate 7.02000%
Current Class C interest due 25,057.93
Class C interest accrued but not paid in prior periods -
Total Class C interest due 25,057.93
Class C interest carried forward -
Class C interest distribution 25,057.93
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 6,853,451.74
Class D Interest Rate 7.41000%
Current Class D interest due 42,320.06
Class D interest accrued but not paid in prior periods 0.00
Total Class D interest due 42,320.06
Class D interest carried forward 0.00
Class D interest distribution 42,320.06
Class E Interest Schedule
- -------------------------
Opening Class E principal balance 3,426,725.40
Class E Interest Rate 9.53000%
Current Class E interest due 27,213.91
Class E interest accrued but not paid in prior periods 0.00
Total Class E interest due 27,213.91
Class E interest carried forward 0.00
Class E interest distribution 27,213.91
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date January 6, 2001
(i) Opening Class A-1 principal balance 71,887,673.27
(ii) Aggregate outstanding principal of Notes plus
Overcollateralization Balance 342,672,565.18
(iii) ADCB as of last day of the Collection Period 334,476,512.85
Monthly Principal Amount ( (ii) - (iii) ) 8,196,052.33
(iv) Class A-1 Principal Payment Amount 7,704,289.19
Class A-1 Principal Payment Amount due
(lesser of (i) or (iv)) 7,704,289.19
Class A-1 Principal Payment Amount distribution 7,704,289.19
Principal carryforward Class A-1 0.00
Class A-1 Principal Balance after current distribution 64,183,384.08
Class A Principal Payment Amount
- --------------------------------
(i) Aggregate opening Class A-1, A-2, A-3 and A-4
Outstanding Principal Amount 322,112,211.27
(ii) Class A Target Investor Principal Amount
(94.0%* ending ADCB) 314,407,922.08
Class A Principal Payment Amount 7,704,289.19
Funds available for distribution after Class A-1
distribution 715,651.57
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
<PAGE>
Class A-3 Principal Schedule
- ----------------------------
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 4,283,407.46
Class B Target Investor Principal Amount
(1.25% * ending ADCB) 4,180,956.79
Class B Floor (9,477,565.30)
Class B Principal Payment Amount due 102,450.67
Class B Principal Payment Amount distribution 102,450.67
Principal carryforward Class B 0.00
Class B principal balance after current distribution 4,180,956.79
Class C Principal Schedule
- --------------------------
Opening Class C principal balance 4,283,407.46
Class C Target Investor Principal Amount
(1.25% * ending ADCB) 4,180,956.79
Class C Floor (6,610,695.58)
Class C Principal Payment Amount due 102,450.67
Class C Principal Payment Amount distribution 102,450.67
Principal carryforward Class C 0.00
Class C principal balance after current distribution 4,180,956.79
Class D Principal Schedule
- --------------------------
Opening Class D principal balance 6,853,451.74
Class D Target Investor Principal Amount
(2.00% * ending ADCB) 6,689,530.69
Class D Floor (1,173,781.58)
Class D Principal Payment Amount due 163,921.05
Class D Principal Payment Amount distribution 163,921.05
Principal carryforward Class D 0.00
Class D principal balance after current distribution 6,689,530.69
Class E Principal Schedule
- --------------------------
Opening Class E principal balance 3,426,725.40
Class E Target Investor Principal Amount
(1.00% * ending ADCB) 3,344,764.89
Class E Floor (13,516.56)
Class E Principal Payment Amount due 81,960.51
Class E Principal Payment Amount distribution 81,960.51
Principal carryforward Class E 0.00
Class E principal balance after current distribution 3,344,764.89
<PAGE>
Additional Principal Schedule
- -----------------------------
Floors applicable (Yes/No) No
Monthly Principal Amount 8,196,052.33
Sum of Principal Payments payable on all classes 8,155,072.09
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 64,183,384.08
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 4,180,956.79
Class C Additional Principal allocation 0.00
Class C principal balance after current distribution 4,180,956.79
Class D Additional Principal allocation 0.00
Class D principal balance after current distribution 6,689,530.69
Class E Additional Principal allocation 0.00
Class E principal balance after current distribution 3,344,764.89
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 342,672,565.18
(iii) Servicing Fee due ( ( (i) / 12 ) * (ii) ) 114,224.19
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ( (iii) + (iv) ) 114,224.19
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 114,224.19
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 340,959,203.33
ADCB as of the end of the Collection Period 334,476,512.85
Required Reserve Amount (beginning of the period
aggregate note balances *0.70%) 2,386,714.42
Prior month Reserve Fund balance 618,933.47
Deposit to Reserve Fund - excess funds 150,644.48
Interim Reserve Fund Balance 769,577.95
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 769,577.95
Reserve Fund balance as a percentage of aggregate note
balances as of the first day of the Collection Period 0.23%
Investment Earnings on Reserve Account 2,441.17
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
Class A-1
---------
Class A-1 principal balance 64,183,384.08
Initial Class A-1 principal balance 93,400,101.00
Note factor 0.687187523
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 4,180,956.79
Initial Class B principal balance 4,569,477.00
Note factor 0.914974906
Class C
-------
Class C principal balance 4,180,956.79
Initial Class C principal balance 4,569,477.00
Note factor 0.914974906
Class D
-------
Class D principal balance 6,689,530.69
Initial Class D principal balance 7,311,163.00
Note factor 0.914974908
Class E
-------
Class E principal balance 3,344,764.89
Initial Class E principal balance 3,655,581.00
Note factor 0.914974908
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
Cumulative Loss Amount Schedule
- -------------------------------
(i) Outstanding Principal Amount of the Notes as of the
preceding Distribution Date 340,959,203.33
(ii) Overcollateralization Balance as of the preceding
Distribution Date 1,713,361.86
(iii) Monthly Principal Amount 8,196,052.33
(iv) Available Amounts remaining after the payment of
interest 8,419,940.76
(v) ADCB as of the end of the Collection Period 334,476,512.85
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 16,276,946.45
Class B Floor (9,477,565.30)
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 11,993,538.99
Class C Floor (6,610,695.58)
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 5,140,087.25
Class D Floor (1,173,781.58)
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 1,713,361.85
Class E Floor (13,516.56)
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
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Pool Data
Pool Data
- ---------
ADCB as of the first day of the Collection Period 342,672,565.18
Principal collections 8,070,772.37
Prepayment Amounts 220,066.17
Defaulted Contracts 0.00
Change in payaheads (94,786.21)
Substitutions and Repurchases 0.00
ADCB as of the last day of the Collection Period 334,476,512.85
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 214,985.27
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 9,336,118.06
Cumulative reimbursed Servicer Advances 9,336,118.06
Delinquencies and Losses Dollars Percent
- ------------------------ ------- -------
Current 321,227,256.62 96.04%
31-60 days past due 9,936,655.62 2.97%
61-90 days past due 716,338.80 0.21%
Over 90 days past due 2,596,261.81 0.78%
Total 334,476,512.85 100.00%
31+ days past due 13,249,256.23 3.96%
(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%
