================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
November 29 , 1999
(Date of Earliest Event Reported)
MORGAN STANLEY AIRCRAFT FINANCE
(Exact Name of Registrant as Specified in Trust Agreement)
Delaware
(State or Other Jurisdiction of Incorporation or Organization)
333-56575 13-3375162
(Commission File (IRS Employer
Number) Identification No.)
Morgan Stanley Aircraft Finance
c/o Wilmington Trust Company
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890-1000
Attention: Corporate Trust Administration
(302) 651-1000
(Address and Telephone Number, Including Area Code, of
Registrant's Principal Executive Office)
================================================================================
<PAGE>
Item 5. Other Events
We are required, at least once each year, to deliver to the trustee
under our indenture appraisals of the base value of each of the aircraft in our
portfolio from at least three independent appraisers that are members of the
International Society of Transport Aircraft Trading or any similar organization.
Previously, we obtained appraisals from three such appraisers and calculated the
Adjusted Base Value of each aircraft by calculating the average of these three
appraisals. For the current year we have obtained appraisals from five such
appraisers. We have calculated the Adjusted Base Value of each aircraft by
removing the highest and the lowest appraisal and taking the average of the
remaining three. The table below contains all five appraisals of each aircraft
and the new "Adjusted Base Value" of each aircraft under the indenture.
2
<PAGE>
<TABLE>
Appraisal of
---------------------------------------------------------------------------------
Adjusted
Aircraft Aircraft Value Base Value
Engine Serial Date of Airclaims Information Morton Beyer Analysis as of June
Type Configuration Number Manufacture Limited BK Associates Services, Inc. and Agnew Company 30, 1999
---- ------------- ------ ----------- ------- ------------- -------------- --------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A300-600R PW 4158 555 Mar-90 45,654,907 47,004,520 52,240,000 48,760,000 40,800,000 47,139,809
A310-300 JT9D-7R4E1 409 Nov-85 19,931,860 26,794,750 22,300,000 29,910,000 15,800,000 23,008,870
A310-300 JT9D-7R4E1 410 Nov-85 20,062,192 26,965,750 22,800,000 30,685,000 16,100,000 23,275,981
A310-300 JT9D-7R4E1 437 Nov-86 22,434,080 33,753,200 28,780,000 33,897,000 22,400,000 28,322,427
A320-200 CFM 56-5A3 279 Feb-92 29,669,527 31,056,158 29,310,000 32,508,000 29,800,000 30,175,228
A320-200 V2500-A1 393 Feb-93 30,956,250 29,822,438 29,650,000 32,729,000 30,500,000 30,426,229
A320-200 V2500-A1 414 May-93 31,800,983 30,944,293 29,720,000 33,858,000 30,800,000 31,181,759
A321-100 V2530-A5 597 May-96 37,602,580 47,919,200 45,410,000 38,283,000 40,050,000 41,247,667
B737-300 CFM 56-3B2 25161 Feb-92 23,779,082 26,359,573 25,660,000 24,509,000 25,200,000 25,123,000
B737-300 CFM 56-3C1 27635 May-95 26,514,277 29,359,574 29,330,000 28,372,000 26,400,000 28,072,092
B737-300 CFM 56-3B2 24299 Nov-88 20,622,318 20,339,031 21,150,000 19,325,000 20,400,000 20,453,783
B737-300 CFM 56-3C1 26295 Dec-93 23,465,973 26,494,703 26,020,000 25,704,000 25,500,000 25,741,333
B737-300F CFM 56-3B2 23811 Oct-87 20,075,744 20,143,831 22,090,000 20,253,000 20,500,000 20,298,944
B737-300QC CFM 56-3C1 23788 May-87 20,090,833 19,149,500 22,210,000 18,070,000 18,750,000 19,330,111
B737-400 CFM 56-3B2 24234 Oct-88 22,491,365 21,105,557 23,320,000 22,983,000 22,050,000 22,508,122
B737-400 CFM 56-3C1 25104 May-93 26,555,304 26,902,270 28,060,000 27,840,000 26,500,000 27,099,191
B737-400 CFM 56-3C1 25371 Jan-92 25,715,207 25,534,666 27,070,000 25,572,000 25,900,000 25,729,069
B737-500 CFM 56-3B1 25165 Apr-93 21,134,277 17,970,159 19,950,000 20,796,000 18,800,000 19,848,667
B747-300 CF6-80C2 24106 Apr-88 49,255,642 60,803,712 63,190,000 53,087,000 40,600,000 54,382,118
B757-200ER RB211-535-E4-37 24367 Feb-89 30,177,713 32,723,952 36,940,000 34,952,000 30,900,000 32,858,651
B757-200ER RB211-535-E4 24260 Dec-88 31,293,007 33,348,648 36,500,000 36,707,000 32,400,000 34,082,883
B757-200ER PW 2037 26272 Mar-94 33,990,174 44,376,992 45,060,000 43,957,000 39,300,000 42,544,664
B767-200ER CF6-80A 23807 Aug-87 30,277,778 32,257,175 41,050,000 30,322,000 26,400,000 30,952,318
B767-300ER CF6-80C2B6F 24798 Oct-90 50,111,887 55,517,075 59,120,000 58,697,000 48,800,000 54,775,321
B767-300ER CF6-80C2B6F 26256 Apr-93 60,658,056 64,175,158 70,120,000 67,162,000 63,400,000 64,912,386
B-767-300ER CF6-80C2B4 26260 Sep-94 62,017,393 66,173,624 70,950,000 68,728,000 66,600,000 67,167,208
Engine CF6-80C2B6F 704279 Jun-95 5,951,393 6,210,000 5,400,000 4,924,000 4,850,000 5,425,131
F-70 TAY MK620-15 11564 Dec-95 12,498,755 14,929,853 13,730,000 14,544,000 13,700,000 13,991,333
F-70 TAY MK620-15 11565 Feb-96 11,746,378 15,979,698 15,260,000 14,648,000 13,900,000 14,602,667
F-70 TAY MK620-15 11569 Mar-96 12,123,141 15,979,357 15,260,000 14,698,000 14,950,000 14,969,333
MD-82 JT8D-217C 49825 Mar-89 15,861,388 17,885,599 20,690,000 20,184,000 16,800,000 18,289,866
MD-83 JT8D-219 49822 Dec-88 17,545,573 19,421,086 20,640,000 21,895,000 18,300,000 19,453,695
MD-83 JT8D-219 49824 Mar-89 17,913,837 21,517,573 22,260,000 22,682,000 18,400,000 20,725,858
---------- ---------- ---------- ---------- ---------- ----------
909,978,875 1,008,918,675 1,041,240,000 1,021,241,000 905,550,000 978,115,713
----------- ------------- ------------- ------------- ----------- ===========
</TABLE>
3
<PAGE>
SIGNATURES
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 hereto duly authorized.
MORGAN STANLEY AIRCRAFT FINANCE
Date: November 29, 1999 By: /s/ Scott Peterson
---------------------------
Scott Peterson
Signatory Trustee
4
