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
October 31, 2000
(Date of Earliest Event Reported)
MORGAN STANLEY AIRCRAFT FINANCE
(Exact Name of Registrant as Specified in Trust Agreement)
Delaware
(State of 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)
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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.
Three appraisers, Aircraft Information Services, Inc., BK Associates, Inc. and
Airclaims Limited, have provided appraisals of the value of each of our aircraft
at normal utilization rates in an open, unrestricted and stable market, without
taking into account the value of related leases, maintenance reserves or
security deposits as of September 30, 2000, adjusted to account for the reported
maintenance standard of the aircraft. The appraisals were not based on a
physical inspection of the aircraft. The appraisals are set out below. The
average appraised value of each aircraft as of September 30, 2000, to be used in
calculating the "Adjusted Portfolio Value" under the indenture, is calculated by
taking the average of the appraised values obtained from the three appraisers.
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The appraisals for the portfolio as of September 30, 2000 are set out below:
Appraisal of
---------------------------------------------------- Appraised
Aircraft Value as of
Engine Serial Date of Information September
Aircraft Type Configuration Number Manufacture BK Associates Services Airclaims Limited 30, 2000
------------- ------------- ------ ----------- ------------- ----------- ----------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
A300-600R PW 4158 555 Mar-90 45,234,468 42,890,000 41,870,000 $ 43,331,489
A300-600R PW4158 625 Mar-92 50,617,354 48,160,000 41,970,000 46,915,785
A310-300 PW JT9D-7R4E1 409 Nov-85 27,773,140 21,780,000 16,850,000 22,134,380
A310-300 PW JT9D-7R4E1 410 Nov-85 28,659,090 21,870,000 19,540,000 23,356,363
A310-300 PW JT9D-7R4E1 437 Jan-87 32,299,653 26,420,000 22,790,000 27,169,884
A320-200 CFM56-5A3 279 Feb-92 29,063,201 28,110,000 27,050,000 28,074,400
A320-200 IAE V2500-A1 393 Feb-93 29,520,000 28,450,000 29,540,000 29,170,000
A320-200 CFM-5A3 397 May-93 30,835,425 29,790,000 27,990,000 29,538,475
A320-200 IAE V2500-A1 414 May-93 29,828,189 28,220,000 29,770,000 29,272,730
A320-200 V2500-A1 428 May-94 32,919,757 30,730,000 31,970,000 31,873,252
A320-200 CFM56-5A3 446 Oct-93 33,070,776 29,830,000 30,700,000 31,200,259
A321-100 V2530-A5 557 Dec-95 43,462,682 38,410,000 33,670,000 38,514,227
A321-100 IAE V2530-A5 597 May-96 41,194,891 40,490,000 35,500,000 39,061,630
A330-300 CF6-80E1 54 Apr-94 79,462,637 78,530,000 73,960,000 77,317,546
A340-300 CFM56-5C3G 94 Mar-95 87,999,758 99,790,000 85,510,000 91,099,919
B737-300 CFM45-3B1 23255 Jun-85 13,837,910 17,120,000 13,300,000 14,752,637
B737-300 CFM45-3B1 23256 Jul-85 14,131,220 17,680,000 14,310,000 15,373,740
B737-300 CFM56-3B2 24299 Nov-88 18,965,944 19,900,000 18,230,000 19,031,981
B737-300 CFM56-3B2 24449 Apr-90 20,348,154 21,030,000 18,540,000 19,972,718
B737-300 CFM56-3B2 25161 Feb-92 24,299,007 23,930,000 22,040,000 23,423,002
B737-300 CFM56-3C1 26295 Dec-93 27,110,000 24,470,000 21,440,000 24,340,000
B737-300 CFM56-3B1 26309 Dec-94 28,367,748 25,120,000 23,220,000 25,569,249
B737-300 CFM56-3C1 27635 May-95 28,561,650 28,630,000 25,320,000 27,503,883
B737-300F CFM56-3B2 23811 Sep-87 18,758,576 20,640,000 19,140,000 19,512,859
B737-300QC CFM56-3B2 23788 May-87 18,659,861 20,320,000 19,610,000 19,529,954
B737-400 CFM56-3B2 24234 Oct-88 19,857,422 21,680,000 19,750,000 20,429,141
B737-400 CFM56-3C1 24707 Jun-91 25,239,976 24,760,000 19,790,000 23,263,325
B737-400 CFM56-3C 25104 May-93 28,083,032 27,980,000 22,750,000 26,271,011
B737-400 CFM56-3C1 25105 Jul-93 28,392,833 27,340,000 22,700,000 26,144,278
B737-400 CFM56-3C 25371 Jan-92 26,005,550 25,520,000 21,840,000 24,455,183
B737-400 CFM45-3C1 26279 Feb-92 26,268,948 26,890,000 24,290,000 25,816,316
B737-400 CFM45-3C1 26291 Aug-93 27,928,568 27,040,000 23,850,000 26,272,856
B737-400 CFM45-3C1 26308 Nov-94 9,266,255 27,940,000 22,000,000 26,402,085
B737-500 CFM56-3B1 25165 Apr-93 19,018,480 19,200,000 18,330,000 18,849,493
B737-500 CFM45-3C1 26304 Sep-94 21,220,598 21,370,000 18,800,000 20,463,533
B747-300 CF6-80C2 24106 Apr-88 44,142,576 40,290,000 44,090,000 42,840,859
B747-400 RB211-524 24955 Sep-91 102,614,483 96,210,000 72,010,000 90,278,161
B757-200ER RB211-535-E4 23767 Apr-87 28,135,572 29,330,000 24,710,000 27,391,857
B757-200ER RR RB211-535E4 24260 Dec-88 31,417,380 32,890,000 28,630,000 30,979,127
B757-200ER RR RB211-535E4 24367 Feb-89 30,670,874 34,080,000 27,390,000 30,713,625
B757-200ER PW2040 24965 Mar-92 40,446,116 41,480,000 32,710,000 38,212,039
B757-200ER PW2040 25044 May-91 38,685,380 39,400,000 27,490,000 35,191,793
B757-200ER RB211 26266 Jan-93 41,680,452 42,840,000 33,950,000 39,490,151
B757-200ER PW 2037 26272 Mar-94 43,045,784 43,280,000 32,430,000 39,585,261
B757-200ER PW2037 28160 Jul-96 47,953,656 46,710,000 37,310,000 43,991,219
B767-200ER CF6-80A 23807 Aug-87 37,392,640 33,300,000 22,930,000 31,207,547
B767-300ER CF6-80C2B2F 24798 Oct-90 41,956,039 51,440,000 38,070,000 43,822,013
B767-300ER GE CF6-80C-2B6 24875 Jun-91 57,003,920 59,700,000 53,020,000 56,574,640
B767-300ER GE CF6-80C2-BF6 25132 Feb-92 56,920,636 62,320,000 51,740,000 56,993,545
B767-300ER CF6-80C2B6F 26256 Apr-93 63,609,808 65,380,000 58,510,000 62,499,936
B767-300ER CF6-80C2B6 26260 Sep-94 65,104,623 67,660,000 57,540,000 63,434,874
Engine CF6-80C2B6F 704279 Jul-95 5,910,000 5,250,000 6,520,000 5,893,333
F50 PW125B 20232 Aug-92 7,326,350 5,500,000 4,320,000 5,715,450
F50 PW125B 20233 Jan-92 7,122,810 5,490,000 4,520,000 5,710,937
F70 RR TAY MK620-15 11564 Dec-95 13,827,216 10840,000 10,980,000 11,882,405
F70 RR TAY MK620-15 11565 Feb-96 13,973,620 12,330,000 11,650,000 12,651,207
F70 RR TAY MK620-15 11569 Mar-96 13,973,620 12,330,000 11,660,000 12,654,540
MD-82 PW JT8D-219 49825 Mar-89 19,827,514 18,740,000 15,340,000 17,969,171
MD-83 JT8D-219 49657 Feb-88 18,752,054 18,250,000 14,890,000 17,297,351
MD-83 PW JT8D-219 49822 Dec-88 18,560,300 17,950,000 13,610,000 16,706,767
MD-83 PW JT8D-219 49824 Mar-89 20,784,125 19,510,000 15,190,000 18,494,708
MD-83 JT8D-219 53050 May-90 19,740,377 19,110,000 14,050,000 17,633,459
-------------
$1,911,223,559
=============
Total
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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: October 31, 2000 By: /s/ Alexander C.Frank
-----------------------------
Name: Alexander C. Frank
Title: Signatory Trustee
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