FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For October 13, 1999
AERCO LIMITED
22 Grenville Street
St. Helier
Jersey, JE4 8PX
Channel Islands
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [ ] No [X]
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INDEX TO EXHIBITS
Item
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1. AerCo Limited Monthly Report to Noteholders for October.
Page 2 of 3
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SIGNATURE
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, thereunto duly authorized.
Dated: October 13, 1999
AERCO LIMITED
By: /s/ Michael Walsh
--------------------------------
Name: Michael Walsh
Title: Attorney-in-Fact
Page 3 of 3
Item 1
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
Payment Date: 15 October 1999.
Calculation Date: 8 October, 1999.
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(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
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Balance on
Prior Balance Deposits Withdrawals Calculation Date
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9-Sep-99 8-Oct-99
<S> <C> <C> <C> <C>
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Aircraft Purchase Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 2,025,649.00 3,709,690.40 (960,489.16) 4,774,850.24
Collection Account (note iii) 70,037,692.00 8,542,746.86 (13,886,392.00) 64,694,046.86
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- Liquidity Reserve 40,000,000.00 40,000,000.00
- Security Deposit 16,151,300.00 16,151,300.00
- Other Collections 13,886,392.00 8,542,746.86
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Total 72,063,341.00 12,252,437.26 (14,846,881.16) 69,468,897.10
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(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
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<S> <C>
Balance on Previous Calculation Date (9 September,1999) 2,025,649.00
Transfer from Collection Account 3,696,690.59
Interest Earned during period 12,999.81
Payments during period between previous Calculation Date and the relevant Calculation Date: 0
- Payments on previous Payment Date (722,339.64)
- Other payments (238,149.52)
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Balance on relevant Calculation Date (8 October, 1999) 4,774,850.24
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(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
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Balance on Previous Calculation Date (9 September,1999) 70,037,692.00
Collections during period 8,508,827.07
Swap receipts 33,919.79
Transfer to Expense Account (3,492,877.07)
Net transfer to Lessee Funded Accounts 0.00
Transfer from the Aircraft Purchase Account 0.00
Transfer from the Tax Defeasance Account 0.00
Drawings under credit or liquidity enhancement facilities 0.00
Aggregate Note Payments (10,189,701.41)
Swap payments (203,813.52)
Repayments of drawings under credit or liquidity enhancement facilities 0.00
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Balance on relevant Calculation Date (8 October, 1999) 64,694,046.86
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AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
==============================================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
<S> <C>
(i)Required Expense Amount 5,000,000.00
(ii)a) Class A Interest 2,647,256.28
b) Swap Payments 203,813.52
(iii)First Collection Account Top-up 15,000,000.00
(iv)Class A Minimum Principal 0.00
(v)Class B Interest 388,728.88
(vi)Class B Minimum Principal 0.00
(vii)Class C Interest 475,330.58
(viii)Class C Minimum Principal 0.00
(ix)Class D Interest 566,666.67
(x)Class D Minimum Principal 0.00
(xi)Second Collection Account Top-up 41,151,300.00
(xii)Class A Scheduled Principal 0.00
(xiii)Class B Scheduled Principal 21,212.98
(xiv)Class C Scheduled Principal 42,032.00
(xv)Class D Scheduled Principal 0.00
(xvi)Modification Payments 0.00
(xvii)Soft Bullet Note Step Up Interest 0.00
(xviii)Class A Supplemental Principal 1,888,323.21
(xix)Class E Interest 1,399,662.50
(xx)Class B Supplemental Principal 288,303.01
(xxi)Class A Outstanding Principal 0.00
(xxii)Class B Outstanding Principal 0.00
(xxiii)Class C Outstanding Principal 0.00
(xxiv)Class D Outstanding Principal 0.00
(xxv)Subordinated Swap Payments 0.00
(xxvi)Subordinated Tax Related Disposition Payments 0.00
(xxvii)Class E Accrued Unpaid Interest 0.00
(xxviii)Class E Outstanding Principal 0.00
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Total Payments with respect to Payment Date 69,072,629.63
Less Collection Account Top-Ups ((iii) and (xi)above) (56,151,300.00)
===================
12,921,329.63
===================
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<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
(iv) PAYMENT ON THE NOTES
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(a) FLOATING RATE NOTES A-1 A-2 B-1 C-1
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<S> <C> <C> <C> <C>
Applicable LIBOR 5.38000% 5.38000% 5.38000% 5.38000%
Applicable Margin 0.19000% 0.32000% 0.60000% 1.35000%
Applicable Interest Rate 5.57000% 5.70000% 5.98000% 6.73000%
Interest Amount Payable 1,578,166.67 1,069,089.61 388,728.88 475,330.58
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 340,000,000.00 225,071,496.45 78,005,795.66 84,754,338.00
Minimum Principal Payment Amount 0.00 0.00 0.00 0.00
Scheduled Principal Payment Amount 0.00 0.00 21,212.98 42,032.00
Supplemental Principal Payment Amount 0.00 1,888,323.21 288,303.01 0.00
Outstanding Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 1,888,323.21 309,515.99 42,032.00
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00 0.00
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Outstanding Principal Balance (Oct 8,1999) 340,000,000.00 223,183,173.24 77,696,279.67 84,712,306.00
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(b) FIXED RATE NOTES D-1
<S> <C>
Applicable Interest Rate 8.5000%
Interest Amount Payable 566,666.67
Opening Principal Balance 80,000,000.00
Minimum Principal Payment Amount 0.00
Scheduled Principal Payment Amount 0.00
Redemption Amount
- amount allocable to principal 0.00
- amount allocable to premium 0.00
Actual Pool Factor 1.0000000
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Outstanding Principal Balance (Oct 8,1999) 80,000,000.00
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<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
(v) FLOATING RATE NOTE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
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A-1 A-2 B-1 C-1
<S> <C> <C> <C> <C>
Applicable LIBOR 5.40625% 5.40625% 5.40625% 5.40625%
Applicable Margin 0.19000% 0.32000% 0.60000% 1.35000%
Applicable Interest Rate 5.59625% 5.72625% 6.00625% 6.75625%
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(vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance
of Notes)
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(a) FLOATING RATE NOTES
A-1 A-2 B-1 C-1
Opening Principal Amount 3,400.00 2,250.71 780.06 847.54
Total Principal Payments 0.00 18.88 3.10 0.42
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Closing Outstanding Principal Balance 3,400.00 2,231.83 776.96 847.12
Total Interest 15.78 10.69 3.89 4.75
Total Premium 0.00 0.00 0.00 0.00
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(b) FIXED RATE NOTES
D-1
<S> <C>
Opening Principal Amount 800.00
Total Principal Payments 0.00
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Outstanding Principal Balance 800.00
Total Interest 5.67
Total Premium 0.00
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