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 (Date of earliest event reported): April 28, 1999
PECO ENERGY TRANSITION TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-58055 51-0382130
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
PECO Energy Transition Trust
c/o First Union Trust Company, National Association
920 King Street
Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
(302) 888-7532
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
1
<PAGE>
Item 5. Other Events
Attached with respect to the Registrant as Exhibit 99.6 is the Monthly
Servicer Certificate and Monthly Servicer Report for April 1999, which each
include information relating to the collection of Intangible Transition Charges
in this period. The Monthly Servicer Certificate and Monthly Servicer Report
were prepared by PECO Energy Company, in its capacity as Servicer of the Series
1999-A Transition Bonds, and delivered to the Bond Trustee pursuant to the
Master Servicing Agreement, dated as of March 25, 1999 (Exhibit 10.2).
Item 7. Financial Statements and Exhibits
A list of the Exhibits filed herewith is attached hereto.
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.
PECO ENERGY TRANSITION TRUST
By: /s/ Diana Moy Kelly
--------------------------
May 12, 1999 Name: Diana Moy Kelly
Title: Beneficiary Trustee
2
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit
10.2 Master Servicing Agreement, dated as of March 25, 1999,
between PECO Energy Transition Trust and PECO Energy Company
(incorporated by reference to the same titled exhibit to the
Registrant's Current Report on Form 8-K filed with the
Securities and Exchange Commission on March 31, 1999).
99.6 Monthly Servicer Certificate and Monthly Servicer Report for
April 1999.
3
PECO ENERGY TRANSITION TRUST
MONTHLY SERVICER CERTIFICATE - APRIL, 1999
- ---------------------------------------------------------------------------
Monthly From: To:
- ---------------------------------------------------------------------------
Remittance Period: 4/8/99 5/3/99
- ---------------------------------------------------------------------------
--------------------------------------------
Monthly Allocation Date: 5/3/99
--------------------------------------------
<TABLE>
<S> <C> <C>
1) General Account Balances Available for Distribution:
A General Subaccount Beginning Balance: $ --
(should = $0 unless PECO's rating is downgraded and PECO has to remit ITC every 48 hrs.)
Add: B ITC Remittances for Collection Period (Source: Monthly Servicer Report, final line - #3) $ 9,701,067.21
--------------
C General Subaccount Balances Available for Distribution: $ 9,701,067.21
Other Subaccounts (Beginning Balances):
1 Series $ --
2 Interest
3 Principal
4 Reserve --
5 Overcollateralization --
6 Capital $20,000,000.00
7 Loss --
8 Interest Deposit --
9 Defeasance --
---------- --------------
Total Other Subaccount Balances: $20,000,000.00
--------------
Total Collection Account Balances Available for Distribution: $29,701,067.21
2) Distributions to be made from the General Account (from Subaccounts in order indicated
in Indenture):
A Bond Trustee Fees plus estimated expenses (paid monthly) $ 1,425.00
B Issuer Trustee Fees (paid monthly)* 708.33
C Servicing Fees (paid monthly)** 833,333.33
D Operating Expenses to maximum $12,500/mo. (Includes accounting, legal, DTC and
SEC filing fees for 8K's, 10Q's, etc.) --
E Deposit to Series Subaccount allocated to Interest (see 3a below) 6,009,682.00
F Deposit to Series Subaccount allocated to Principal (see 3b below) 2,389,350.00
G Operating Fees in excess of 2D above --
--------------
Subtotal: $ 9,234,498.67
H Deposit to Overcollateralization Subaccount (see 3c below) $ 236,716.00
I Deposit to Reserve Subaccount 229,852.54
--------------
Total Distributions: $ 9,701,067.21
3)Calculations of Distributions (Source: Prospectus)
a) Interest Beginning Balance of Series Subaccount in respect of Interest: $ --
Less: Monthly Allocated Interest Balance as of Current Remittance Date: (6,009,682.00)
---------------------------------------------------------------------------------------------------------
Deposit to Series Subaccount allocated to Interest $ 6,009,682.00
b) Principal Beginning Balance of Series Subaccount in respect of Principal: $ --
Less: Monthly Allocated Principal Balance as of Current Remittance Date (2,389,350.00)
---------------------------------------------------------------------------------------------------------
Deposit to Series Subaccount allocated to Principal $ 2,389,350.00
c) Overcollateralization Beginning Balance of Overcollateralization Subaccount: $ --
Less: Monthly Allocated Overcollateralization Balance as of Current Remittance Date: (236,716.00)
---------------------------------------------------------------------------------------------------------
Deposit to Overcollateralization Subaccount $ 236,716.00
</TABLE>
<PAGE>
PECO ENERGY TRANSITION TRUST
MONTHLY SERVICER CERTIFICATE - APRIL, 1999
- ---------------------------------------------------------------------------
Monthly From: To:
- ---------------------------------------------------------------------------
Remittance Period: 4/8/99 5/3/99
- ---------------------------------------------------------------------------
--------------------------------------------
Monthly Allocation Date: 5/3/99
--------------------------------------------
RIDER A:
- --------
4) Withdrawals from Subaccounts:
General $ 9,701,067.21
Series --
Interest --
Principal --
Reserve --
Overcollateralization --
Capital --
Loss --
Interest Deposit --
Defeasance --
5) Deposits to other Subaccounts:
General $ --
Series --
Interest 6,009,682.00
Principal 2,389,350.00
Reserve 229,852.54
Overcollateralization 236,716.00
Capital --
Loss --
Interest Deposit --
Defeasance --
6) Collection Account Ending Balance:
General Subaccount $ --
Series Subaccount 2,389,350.00
Interest 6,009,682.00
Principal --
Reserve Subaccount 229,852.54
Overcollateralization Subaccount 236,716.00
Capital Subaccount 20,000,000.00
Loss --
Interest Deposit --
Defeasance --
---------------
Total: $ 28,865,600.54
===============
<PAGE>
PECO ENERGY TRANSITION TRUST
MONTHLY SERVICER REPORT
<TABLE>
<CAPTION>
------------------------------------------------------
Collection From: To:
Period: 4/6/99 4/29/99
-------------------------------------------------------------------------------------------------------------
Monthly Report for: April-99 Residential:
------------------------------------------------------ R RH OP
-------------------------------------------------------------------------------------------------------------
SSB Order: 2 1 3
<S> <C> <C> <C>
1) Billed ITC Amounts estimated for the period: $ 7,663,660 $ 2,028,362 $ -
(From Salomon Cash-Flow Model)
vs.
---------------------------------------------------------------------------------------------------
2) Actual Billed ITC Amounts for the period: $ 8,426,201 2,203,848 -
(Source: PECO Internal Data)
vs.
---------------------------------------------------------------------------------------------------
3) ITC Cash Collections this Period $ 2,675,406.54 716,450.91 -
(Source: PECO Internal Data)
----------------------------------------------------------------------------------------------------
3) The aggregate Remittance Amount remitted by the Servicer to the Collection Account for this
Collection Period:
(3 above, totaled for all 12 rate classes)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
RATES:
- ------------------------------------------------------------------------------------------------------------------
Small C&I:
GS POL SLP SLS SLE TL
- ------------------------------------------------------------------------------------------------------------------
SSB Order: 4 6 8 9 10 5
<S> <C> <C> <C> <C> <C> <C>
1) Billed ITC Amounts estimated for the period: $ 8,448,646 $ - $ - $ - $ - $ 50,233
(From Salomon Cash-Flow Model)
vs.
---------------------------------------------------------------------------------------------------------
2) Actual Billed ITC Amounts for the period: 10,048,786 1,005
(Source: PECO Internal Data)
vs.
---------------------------------------------------------------------------------------------------------
3) ITC Cash Collections this Period 2,658,975.36 112.37 - - - -
(Source: PECO Internal Data)
---------------------------------------------------------------------------------------------------------
3) The aggregate Remittance Amount remitted by the Servicer to the Collection Account for this
Collection Period:
(3 above, totaled for all 12 rate classes)
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
RATES:
- ------------------------------------------------------------------------------------------------------------
Large C&I:
PD HT EP TOTAL
- ------------------------------------------------------------------------------------------------------------
SSB Order: 11 13 12
<S> <C> <C> <C> <C>
1) Billed ITC Amounts estimated for the period: $ 1,142,537 $ 11,794,302 $ 523,902 $31,651,642
(From Salomon Cash-Flow Model)
vs.
--------------------------------------------------------------------------------------------------------------------
2) Actual Billed ITC Amounts for the period: 1,101,456 10,072,558 823,259 $32,677,114
(Source: PECO Internal Data)
vs.
--------------------------------------------------------------------------------------------------------------------
3) ITC Cash Collections this Period 329,007.31 2,689,404.40 631,710.32 $ 9,701,067.21
(Source: PECO Internal Data)
--------------------------------------------------------------------------------------------------------------------
3) The aggregate Remittance Amount remitted by the Servicer to the Collection Account for this
Collection Period: $ 9,701,067.21
==============
(3 above, totaled for all 12 rate classes)
</TABLE>
