Item 1
<TABLE>
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month November-00
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-Nov-00
Current Calculation Date 9-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
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1. Account Activity Summary between Calculation Dates
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Prior Deposits Withdrawals Balance on
Balance Calculation Date
10-Oct-00 9-Nov-00
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<S> <C> <C> <C> <C>
Expense Account 5,820,638.79 2,089,369.15 (7,835,830.70) 74,177.24
Collection Account 107,852,954.85 16,695,158.99 (23,136,345.85) 101,411,767.99
Aircraft Purchase Account 225,963,806.67 1,056,120.53 (70,237,510.00) 156,782,417.20
- Liquidity Reserve cash balance 84,716,609.00 - 85,846,609.00
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Total 339,637,400.31 19,840,648.67 (101,209,686.55) 258,268,362.43
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2. Analysis of Aircraft Purchase Account Activity
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Opening Balance on Previous Calculation Date 225,963,806.67
Interest Income 1,056,120.53
Aircraft Purchase Payments (70,237,510.00)
Economic Swap Payments -
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Balance on current Calculation Date 156,782,417.20
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3. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date 5,820,638.79
Transfer from Collection Account on previous Payment Date 2,069,353.06
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Transfers from Aircraft Purchase Account -
Interest Income 20,016.09
Balance on current Calculation Date
- Payments on previous payment date (1,016,951.53)
- Interim payments -
- Other (6,818,879.17)
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Balance on current Calculation Date 74,177.24
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4. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 107,852,954.85
Collections during period 16,695,158.99
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (1,886,948.87)
- Permitted Aircraft Modifications -
Net Swap payments on previous Payment Date (182,404.19)
Aggregate Note Payments on previous Payment Date (21,066,992.79)
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Balance on current Calculation Date 101,411,767.99
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Analysis of Liquidity Reserve Amount
First Collection Account Reserve 65,000,000.00
Cash Held
- Security Deposits 20,846,609.00
-----------------
Liquidity Reserve Amount 85,846,609.00
-----------------
------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 9-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
----------------------------------------------------------------------------------------------------------------
<S> <C>
Balance in Collection and Expense Account 101,485,945.23
Liquidity Reserve Amount (85,846,609.00)
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Available Collections 15,639,336.23
==================
4. Analysis of Collection Account Activity (Continued)
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Analysis of Current Payment Date Distributions
(I) Total Required Expense Amount 4,427,355.53
(II) a) Class A Interest but excluding Step-up 5,738,929.70
b) Swap Payments other than subordinated swap payments 175,554.58
(iii) First Collection Account top-up (Minimum liquidity reserve $30 m) 30,000,000.00
(iv) Class A Minimum principal payment -
(v) Class B Interest 959,050.84
(vi) Class B Minimum principal payment 245,404.48
(vii) Class C Interest 1,136,055.04
(viii) Class C Minimum principal payment -
(ix) Class D Interest 673,879.31
(x) Class D Minimum principal payment -
(xi) Second collection account top-up 55,846,609.00
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 615,489.44
(xiv) Class C Scheduled principal 82,078.56
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications
(xvii) Step-up interest -
(xviii) Class A Supplemental principal 1,585,538.76
(xix) Class E Primary Interest -
(xx) Class B Supplemental principal -
(xxi) Class A Outstanding Principal -
(xxii) Class B Outstanding Principal -
(xxiii) Class C Outstanding Principal -
(xxiv) Class D Outstanding Principal -
(xxv) Subordinated Swap payments -
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Total Payments with respect to Payment Date 101,485,945.23
less collection Account Top Ups (iii) (b) and (xi) (b) above 85,846,609.00
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15,639,336.23
==================
----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
AERCO LIMITED
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 9-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
---------------------------------------------------------------------------------------------------------
5. Payments on the Notes by Subclass (cont'd
below)
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Subclass Subclass Subclass Total Subclass
Floating Rate Notes A-2 A-3 A-4 Class A B-1
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<S> <C> <C> <C> <C> <C>
Applicable LIBOR 6.62000% 6.62000% 6.62000% 6.62000%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000%
Applicable Interest Rate 6.94000% 7.08000% 7.14000% 7.22000%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 30 30 30 30
Interest Amount Payable 1,105,325.05 3,333,500.00 1,300,104.65 449,012.59
Step-up Interest Amount Payable NA NA NA NA
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----------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 1,105,325.05 3,333,500.00 1,300,104.65 5,738,929.70 449,012.59
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Expected Final Payment Date 15-Dec-05 15-Jun-02 15-May-11 15-Jul-13
Excess Amortisation Date 17-Aug-98 15-Feb-06 15-Aug-00 17-Aug-98
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Original Balance 290,000,000.00 565,000,000.00 235,000,000.00 85,000,000.00
Opening Outstanding Principal Balance 191,122,486.24 565,000,000.00 218,504,983.31 974,627,469.55 74,628,131.66
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Extended Pool Factors 78.20% 100.00% 100.00% 94.33%
Pool Factors 70.10% 100.00% 93.95% 89.17%
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Minimum Principal Payment - - - - 118,594.90
Scheduled Principal Payment - - - - 297,443.26
Supplemental Principal Payment 739,774.87 - 845,763.89 1,585,538.76 -
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Total Principal Distribution Amount 739,774.87 - 845,763.89 1,585,538.76 416,038.16
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Redemption Amount
- amount allocable to principal -
- amount allocable to premium
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Closing Outstanding Principal Balance 190,382,711.37 565,000,000.00 217,659,219.42 973,041,930.79 74,212,093.50
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(table continued)
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Subclass Total Subclass Subclass Total
Floating Rate Notes B-2 Class B C-1 C-2 Class C
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<S> <C> <C> <C> <C> <C>
Applicable LIBOR 6.62000% 6.62000% 6.62000%
Applicable Margin 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 7.67000% 7.97000% 8.67000%
Day Count Act/360 Act/360 Act/360
Actual Number of Days 30 30 30
Interest Amount Payable 510,038.24 558,186.19 577,868.84
Step-up Interest Amount Payable NA NA NA
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Total Interest Paid 510,038.24 959,050.84 558,186.19 577,868.84 1,136,055.04
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Expected Final Payment Date 15-Jul-08 15-Jul-13 15-Jun-08
Excess Amortisation Date 15-Aug-00 17-Aug-98 15-Aug-00
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Original Balance 80,000,000.00 85,000,000.00 80,000,000.00
Opening Outstanding Principal Balance 79,797,378.55 154,425,510.21 84,043,090.60 79,981,846.82 164,024,937.42
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Extended Pool Factors 100.00% 99.98% 100.00%
Pool Factors 99.93% 98.59% 99.89%
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Minimum Principal Payment 126,809.58 245,404.48 - - -
Scheduled Principal Payment 318,046.18 615,489.44 63,670.60 18,407.96 82,078.56
Supplemental Principal Payment - - - - -
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Total Principal Distribution Amount 444,855.76 860,893.92 63,670.60 18,407.96 82,078.56
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Redemption Amount - -
- amount allocable to principal - -
- amount allocable to premium - -
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Closing Outstanding Principal Balance 79,352,522.79 153,564,616.29 83,979,420.00 79,963,438.86 163,942,858.86
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-----------------------------------------------------------
Fixed Rate Notes D-2
-----------------------------------------------------------
<S> <C>
Applicable Interest Rate 8.50000%
Day count 30 / 360
Number of Days 30
Interest Amount Payable 673,879.31
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Total Interest Paid 673,879.31
-----------------------------------------------------------
Expected Final Payment Date 15-Mar-14
Excess Amortisation Date 15-Jul-10
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Original Balance 100,000,000.00
Opening Outstanding Principal Balance 88,556,375.00
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Extended Pool Factors 100.00%
Expected Pool Factors 100.00%
-----------------------------------------------------------
Extended Amount -
Expected Pool Factor Amount -
Surplus Amortisation
-----------------------------------------------------------
Total Principal Distribution Amount -
-----------------------------------------------------------
Redemption Amount -
- amount allocable to principal -
--------------------
- amount allocable to premium -
-----------------------------------------------------------
Closing Outstanding Principal Balance 88,556,375.00
-----------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
AERCO LIMITED
Report to Noteholders
Amounts in US Dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 9-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
----------------------------------------------------------------------------------------------------------------
6. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-Nov-00
End of Interest Accrual Period 15-Nov-00
Reference Date 9-Nov-00
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A-2 A-3 A-4 B-1 B-2 C-1 C-2
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<S> <C> <C> <C> <C> <C> <C> <C>
Applicable LIBOR 6.62000% 6.62000% 6.62000% 6.62000% 6.62000% 6.62000% 6.62000%
Applicable Margin 0.3200% 0.4600% 0.5200% 0.6000% 1.0500% 1.3500% 2.0500%
Applicable Interest Rate 6.9400% 7.0800% 7.1400% 7.2200% 7.6700% 7.9700% 8.6700%
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----------------------------------------------------
Fixed Rate Notes D-1
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Actual Pool Factor 100.00%
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----------------------------------------------------------------------------
7. Payments per $ 100,000 Inital Outstanding Principal Balance of Notes
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(a) Floating Rate Notes A-2 A-3 A-4 B-1 B-2 C-1 C-2
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Opening Outstanding Principal Balance 191,122.49 565,000.00 218,504.98 74,628.13 79,797.38 84,043.09 79,981.85
Total Principal Payments 739.77 - 845.76 416.04 444.86 63.67 18.41
Closing Outstanding Principal Balance 190,382.71 565,000.00 217,659.22 74,212.09 79,352.52 83,979.42 79,963.44
Total Interest 1,105.33 3,333.50 1,300.10 449.01 510.04 558.19 577.87
Total Premium 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
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----------------------------------------------------
(b) Fixed Rate Notes D-2
----------------------------------------------------
Opening Outstanding Principal Balance 88,556.38
Total Principal Payments -
Closing Outstanding Principal Balance 88,556.38
Total Interest 673.88
Total Premium -
----------------------------------------------------
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</TABLE>
