<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: February 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
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(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
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Attached, for the Distribution Date of February 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
February 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: February 23, 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 February 14, 2000.
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Collections and Distribution
14-Feb-00
<TABLE>
<CAPTION>
<S> <C> <C>
Collection Period January 2, 2000 to February 1, 2000
Determination Date February 9, 2000
Distribution Date February 14, 2000
Available Amounts
- -----------------
Scheduled Payments plus Payaheads, net of Excluded Amounts 9,663,216.04
Prepayment Amounts 388,356.59
Recoveries 0.00
Investment Earnings on Collection Account and Reserve Fund 6,396.41
Late Charges 6,139.94
Servicer Advances 2,618,880.74
Total Available Amounts 12,682,989.72
----------------------- -------------
Payments on Distribution Date
- -----------------------------
(A)** Trustee Fees (only applicable pursuant to an Event of Default) 0.00
(A) Unreimbursed Servicer Advances to the Serciver 0.00
(B) Monthly Servicing Fee, if Heller Financial, Inc. is not the Servicer 0.00
(C) Interest due to Class A-1 Notes 431,718.78
(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 25,313.86
(H) Interest due to Class C Notes 25,828.97
(I) Interest due to Class D Notes 43,622.26
(J) Interest due to Class E Notes 28,051.29
(K) Class A-1 Principal Payment Amount 9,911,438.03
(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 131,801.05
(P) Class C Principal Payment Amount 131,801.05
(Q) Class D Principal Payment Amount 210,881.68
(R) Class E Principal Payment Amount 105,440.82
(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 117,738.88
(AB) Deposit to the Reserve Fund 134,532.05
(BC) Excess to Certificateholder 0.00
Total distributions to Noteholders and Certificateholders 12,682,989.72
--------------------------------------------------------- -------------
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Schedules
<TABLE>
<S> <C>
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 81,799,111.30
Class A-1 Interest Rate 6.12905%
Number of days in Accrual Period 31
Current Class A-1 interest due 431,718.78
Class A-1 interest accrued but not paid in prior periods 0.00
Total Class A-1 interest due 431,718.78
Class A-1 interest carried forward 0.00
Class A-1 interest distribution 431,718.78
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 4,415,208.51
Class B Interest Rate 6.88000%
Current Class B interest due 25,313.86
Class B interest accrued but not paid in prior periods -
Total Class B interest due 25,313.86
Class B interest carried forward -
Class B interest distribution 25,313.66
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class C Interest Schedule
- -------------------------
Opening Class C principal balance 4,415,208.51
Class C Interest Rate 7.02000%
Current Class C interest due 25,828.97
Class C interest accrued but not paid in prior periods -
Total Class C interest due 25,828.97
Class C interest carried forward -
Class C interest distribution 25,828.97
Class D Interest Schedule
- -------------------------
Opening Class D principal balance 7,064,333.42
Class D Interest Rate 7.41000%
Current Class D interest due 43,622.26
Class D interest accrued but not paid in prior periods 0.00
Total Class D interest due 43,622.26
Class D interest carried forward 0.00
Class D interest distribution 43,622.26
Class E Interest Schedule
- -------------------------
Opening Class E principal balance 3,532,166.22
Class E Interest Rate 9.53000%
Current Class E Interest due 28,051.29
Class E interest accrued but not paid in prior periods 0.00
Total Class E interest due 28,051.29
Class E interest carried forward 0.00
Class E interest distribution 28,051.29
Class A-1 Principal Schedule
- ----------------------------
Class A-1 Maturity Date January 6, 2001
(i) Opening Class A-1 principal balance 81,799,111.30
(ii) Aggregate outstanding principal of Notes plus Overcollateralization Balance 353,216,648.19
(iii) ADCB as of last day of the Collection Period 342,672,565.18
Monthly Principal Amount ((ii)-(iii)) 10,544,083.01
(iv) Class A-1 Principal Payment Amount 9,911,438.03
Class A-1 Principal Payment Amount due (lesser of (i) or (iv)) 9,911,438.03
Class A-1 Principal Payment Amount distribution 9,911,438.03
Principal carryforward Class A-1 0.00
Class A-1 Principal Balance after current distribution 71,887,673.27
Class A Principal Payment Amount
- --------------------------------
(i) Aggregate opening Class A-1, A-2, A-3 and A-4 Outstanding Principal Amount 332,023,649.30
(ii) Class A Target Investor Principal Amount (94.0% * ending ADCB) 322,112,211.27
Class A Principal Payment Amount 9,911,438.03
Funds available for distribution after Class A-1 distribution 832,195.53
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>
<S> <C>
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 4,415,208.51
Class B Target Investor Principal Amount (1.25% * ending ADCB) 4,283,407.46
Class B Floor (9,978,409.23)
Class B Principal Payment Amount due 131,801.05
Class B Principal Payment Amount distribution 131,801.05
Principal carryforward Class B 0.00
Class B principal balance after current distribution 4,283,407.46
Class C Principal Schedule
- --------------------------
Opening Class C principal balance 4,415,208.51
Class C Target Investor Principal Amount (1.25% * ending ADCB) 4,283,407.46
Class C Floor (6,979,738.46)
Class C Principal Payment Amount due 131,801.05
Class C Principal Payment Amount distribution 131,801.05
Principal carryforward Class C 0.00
Class C principal balance after current distribution 4,283,407.46
Class D Principal Schedule
- --------------------------
Opening Class D principal balance 7,064,333.42
Class D Target Investor Principal Amount (2.00% * ending ADCB) 6,853,451.74
Class D Floor (1,331,942.78)
Class D Principal Payment Amount due 210,881.68
Class D Principal Payment Amount distribution 210,881.68
Principal carryforward Class D 0.00
Class D principal balance after current distribution 6,853,451.74
Class E Principal Schedule
- --------------------------
Opening Class E principal balance 3,532,166.22
Class E Target Investor Principal Amount (1.00% * ending ADCB) 3,426,725.40
Class E Floor (66,236.94)
Class E Principal Payment Amount due 105,440.82
Class E Principal Payment Amount distribution 105,440.82
Principal carryforward Class E 0.00
Class E principal balance after current distribution 3,426,725.40
</TABLE>
<PAGE>
<TABLE>
Additional Principal Schedule
- -----------------------------
<S> <C>
Floors applicable (Yes/No) No
Monthly Principal Amount 10,544,083.01
Sum of Principal Payments payable on all classes 10,491,362.63
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 71,887,673.27
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 4,283,407.46
Class C Additional Principal allocation 0.00
Class C principal balance after current distribution 4,283,407.46
Class D Additional Principal allocation 0.00
Class D principal balance after current distribution 6,853,451.74
Class E Additional Principal allocation 0.00
Class E principal balance after current distribution 3,426,725.40
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 353,216,648.19
(iii) Servicing Fee due (( (i)/12) * (ii)) 117,738.88
(iv) Servicing Fee accrued but not paid in prior periods 0.00
Total Servicing Fee due and accrued ( (iii) + (iv) ) 117,738.88
Servicing Fee carried forward 0.00
Monthly Servicing Fee distributed 117,738.88
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 351,450,565.96
ADCB as of the end of the Collection Period 342,672,565.18
Required Reserve Amount (beginning of the period aggregate note balances * 0.70%) 2,460,153.96
Prior month Reserve Fund balance 484,401.42
Deposit to Reserve Fund - excess funds 134,532.05
Interim Reserve Fund Balance 618,933.47
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 618,933.47
Reserve Fund balance as a percentage of aggregate note balances as of the first day of the Collection Period 0.18%
Investment Earnings on Reserve Account 2,687.43
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- -----------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Note Factors
<TABLE>
<S> <C>
Class A-1
---------
Class A-1 principal balance 71,887,673.27
Initial Class A-1 principal balance 93,400,101.00
Note Factor 0.769674470
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 4,283,407.46
Initial Class B principal balance 4,569,477.00
Note factor 0.937395562
Class C
-------
Class C principal balance 4,283,407.46
Initial Class C principal balance 4,569,477.00
Note factor 0.937395562
Class D
-------
Class D principal balance 6,853,451.74
Initial Class D principal balance 7,311,163.00
Note factor 0.937395561
Class E
-------
Class E principal balance 3,426,725.40
Initial Class E principal balance 3,655,581.00
Note factor 0.937395560
</TABLE>
<PAGE>
Heller Equipment Asset Receivables Trust 1999-2
- --------------------------------------------------------------------------------
Heller Financial, Inc.
Monthly Report - Additional Schedules and Limitations
<TABLE>
<S> <C>
Cumulative Loss Amount Schedule
- -------------------------------
(i) Outstanding Principal Amount of the Notes as of the preceding Distribution Date 351,450,565.96
(ii) Overcollateralization Balance as of the preceding Distribution Date 1,766,082.23
(iii) Monthly Principal Amount 10,544,083.01
(iv) Available Amounts remaining after the payment of interest 10,743,633.56
(v) ADCB as of the end of the Collection Period 342,672,565.18
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 E 16,777,790.38
Class B Floor (9,978,409.23)
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 12,362,581.87
Class C Floor (6,979,738.46)
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 5,298,248.45
Class D Floor (1,331,942.78)
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 1,766,082.23
Class E Floor (66,236.94)
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 353,216,648.19
ADCB as of the last day of the Collection Period 342,672,565.18
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 386,067.53
Number of Prepaid Contracts as of the last day of the Collection Period 3
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 6,717,237.32
<CAPTION>
Delinquencies and Losses Dollars Percent
- ------------------------ ------- -------
<S> <C> <C>
Current 314,596,895.26 91.81%
31-60 days past due 17,124,423.29 5.00%
61-90 days past due 7,302,793.31 2.13%
Over 90 days past due 3,648,453.32 1.06%
Total 342,672,565.18 100.00%
31+ days past due 28,075,669.92 8.19%
(i) Cumulative ADCB of Defaulted Contracts (cumulative gross losses to date) 0.00
(ii) Cumulative Recoveries realized on Default Contracts 0.00
Cumulative net losses to date ( (i) - (ii) ) 0.00
Cumulative net losses as a percentage of the initial ADCB 0.00%
</TABLE>
