AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
Payment Date: 15 August 2000.
Calculation Date: 9 August, 2000.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
Balance on
Prior Balance Deposits Withdrawals Calculation Date
----------------------------------------------------------------------------------------------------------------------------------
11-Jul-00 9-Aug-00
<S> <C> <C> <C> <C>
Aircraft Purchase Account (note ii) 0.00 596,128,205.13 (235,341,182.00 360,787,023.13
Expense Account (note iii) 30,283.48 10,777,876.64 (4,277,352.42) 6,530,807.70
Collection Account (note iv) 67,147,396.32 41,192,548.41 (12,071,595.52) 96,268,349.21
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- Liquidity Reserve 40,000,000.00 65,000,000.00
- Security Deposit 15,075,800.00 16,108,000.00
- Other Collections 12,071,596.32 15,160,349.21
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Total 67,177,679.80 648,098,630.18 218,992,234.06 102,799,156.91
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(ii) ANALYSIS OF AIRCRAFT PURCHASE ACCOUNT ACTIVITY
Balance on Previous Calculation Date (11 July, 2000) 0.00
Proceeds from Bond Issuance 595,000,000.00
Interest Earned during period 1,128,205.13
Purchase of Aircraft (235,341,182.00)
Economic Swap Payments 0.00
--------------
Balance on relevant Calculation Date (9 August, 2000) 360,787,023.13
--------------------------------------------------------------------------------
(iii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
Balance on Previous Calculation Date (11 July, 2000) 30,283.48
Transfer from Collection Account 5,192,223.52
Additional amount to cover refinancing expenses 5,570,000.00
Interest Earned during period 15,653.12
Payments during period between previous
Calculation Date and the relevant Calculation Date: 0
- Payments on previous Payment Date (222,507.00)
- Other payments (4,054,845.42)
--------------
Balance on relevant Calculation Date (9 August, 2000) 6,530,807.70
--------------------------------------------------------------------------------
(iv) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
Balance on Previous Calculation Date (11 July, 2000) 67,147,396.32
Collections during period 15,832,480.63
Swap receipts 360,067.78
Transfer to Expense Account (5,182,756.85)
Increase in Liquidity Reserve Amount 25,000,000.00
Transfer from the Aircraft Purchase Account 0.00
Aggregate Note Payments (6,879,372.00)
Swap payments (9,466.67)
---------------
Balance on relevant Calculation Date (9 August, 2000) 96,268,349.21
--------------------------------------------------------------------------------
</TABLE>
Page 1 of 5
<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
(iv) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
(i) Required Expense Amount 8,395,157.00
(ii) a) Class A Interest 5,688,142.11
b) Swap Payments 0.00
(iii) First Collection Account Top-up 30,000,000.00
(iv) Class A Minimum Principal 0.00
(v) Class B Interest 930,041.41
(vi) Class B Minimum Principal 0.00
(vii) Class C Interest 1,099,866.39
(viii) Class C Minimum Principal 0.00
(ix) Class D Interest 606,708.03
(x) Class D Minimum Principal 0.00
(xi) Second Collection Account Top-up 51,108,000.00
(xii) Class A Scheduled Principal 0.00
(xiii) Class B Scheduled Principal 0.00
(xiv) Class C Scheduled Principal 16,415.63
(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 3,981,137.82
(xix) Class E Interest 383,023.67
(xx) Class B Supplemental Principal 0.00
(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
Payment 0.00
(xxvii) Class E Accrued Unpaid Interest 0.00
(xxviii) Class E Outstanding Principal 0.00
---------------
Total Payments with respect to Payment Date 102,208,492.06
Less Collection Account Top-Ups ((iii)
and (xi)above) (81,108,000.00)
---------------
21,100,492.06
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Page 2 of 5
<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
<TABLE>
(v) PAYMENT ON THE NOTES
----------------------------------------------------------------------------------------------------------
(a) FLOATING RATE NOTES A-1 A-2 A-3 A-4
<S> <C> <C> <C> <C>
Applicable LIBOR N/A 6.62625% 6.62625% 6.62625%
Applicable Margin 0.19000% 0.32000% 0.46000% 0.52000%
Applicable Interest Rate 6.94625% 7.08625% 7.14625%
Interest Amount Payable 0.00 1,110,089.33 3,225,227.95 1,352,824.83
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 340,000,000.00 198,386,457.12 565,000,000.00 235,000,000.00
Minimum Principal Payment Amount 0.00 0.00 0.00 0.00
Scheduled Principal Payment Amount 0.00 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00 3,981,137.82
Outstanding Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 0.00 0.00 3,981,137.82
Redemption Amount
- amount allocable to principal 340,000,000.00 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00 0.00
--------------------------------------------------------------
Outstanding Principal Balance
(Aug 15, 2000) 0.00 198,386,457.12 565,000,000.00 231,018,862.18
----------------------------------------------------------------------------------------------------------
(v) PAYMENT ON THE NOTES
---------------------------------------------------------------------------------------------------------
(a) FLOATING RATE NOTES B-1 B-2 C-1 C-2
Applicable LIBOR 6.62625% 6.62625% 6.62625% 6.62625%
Applicable Margin 0.60000% 1.05000% 1.35000% 2.05000%
Applicable Interest Rate 7.22625% 7.67625% 7.97625% 8.67625%
Interest Amount Payable 435,349.74 494,691.67 540,730.28 559,136.11
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 74,787,636.35 80,000,000.00 84,156,262.00 80,000,000.00
Minimum Principal Payment Amount 0.00 0.00 0.00 0.00
Scheduled Principal Payment Amount 0.00 0.00 14,968.71 1,446.92
Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00
Outstanding Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 0.00 14,968.71 1,446.92
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
-------------------------------------------------------------
Outstanding Principal Balance
(Aug 15, 2000) 74,787,636.35 80,000,000.00 84,141,293.29 79,998,553.08
---------------------------------------------------------------------------------------------------------
(b) FIXED RATE NOTES D-1 D-2
Applicable Interest Rate N/A 8.5000%
Interest Amount Payable 606,708.03
Opening Principal Balance 80,000,000.00 83,717,247.00
Minimum Principal Payment Amount 0.00 0.00
Scheduled Principal Payment Amount 0.00 0.00
Additional Notes Issued during Period 0.00 4,839,128.00
Redemption Amount
- amount allocable to principal 80,000,000.00 0.00
- amount allocable to premium 0.00 0.00
Actual Pool Factor 1.0578032
-----------------------------
Outstanding Principal Balance
(Aug 15, 2000) 0.00 88,556,375.00
-------------------------------------------------------------------------
</TABLE>
Page 3 of 5
<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
<TABLE>
(vi) FLOATING RATE NOTE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
------------------------------------------------------------------------------------------------------------------------------------
A-1 A-2 A-3 A-4 B-1 B-2 C-1 C-2
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Applicable LIBOR 6.61875% 6.61875% 6.61875% 6.61875% 6.61875% 6.61875% 6.61875% 6.61875%
Applicable Margin 0.19000% 0.32000% 0.46000% 0.52000% 0.60000% 1.05000% 1.35000% 2.05000%
Applicable Interest Rate 6.80875% 6.93875% 7.07875% 7.13875% 7.21875% 7.66875% 7.96875% 8.66875%
(vii) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Notes)
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(a) FLOATING RATE NOTES
A-1 A-2 A-3 A-4 B-1 B-2 C-1 C-2
Opening Principal Amount 3,400.00 1,983.86 5,650.00 2,350.00 747.88 800.00 841.56 800.00
Total Principal Payments 3,400.00 0.00 0.00 39.81 0.00 0.00 0.15 0.01
-----------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 0.00 1,983.86 5,650.00 2,310.19 747.88 800.00 841.41 799.99
Total Interest 0.00 11.10 32.25 13.53 4.35 4.95 5.41 5.59
Total Premium 0.00 0.00 1.00 2.00 0.00 1.00 2.00 3.00
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(b) FIXED RATE NOTES
----------------------------------------------------
D-2
Opening Principal Amount 837.17
Total Principal Payments 0.00
--------
Outstanding Principal Balance 837.17
Total Interest 6.07
Total Premium 0.00
---------------------------------------------------
</TABLE>
Page 4 of 5
<PAGE>
AERCO Limited
Report to Noteholders
All numbers in US$ unless otherwise stated
(viii) (a) SUMMARY OF TRANSFERRING AIRCRAFT
Allocation of
Aircraft
Appraisal Purchase
Status Number Value Account
$'000 $'000
Aircraft transferred to date 14 309,763 235,341
Aircraft targeted to be transferred 16 414,289 359,659
-- ------- -------
Total 30 724,052 595,000
-- ------- -------
(b) AIRCRAFT TRANSFERRED AS OF AUGUST 9, 2000
No Serial No. Lessee Appraised Value
$'000
1 24651 Braathens 18,810
2 25041 Virgin Express Ireland Ltd 23,237
3 27074 Blue Panorama 26,867
4 25789 British Airways 20,513
5 23345 Delta 14,530
6 411 JMC 30,617
7 24856 Frontier 21,987
8 26442 Frontier 23,063
9 26440 Frontier 23,483
10 354 JMC 29,980
11 24901 Blue Panorama 24,597
12 11320 TAM 12,783
13 11322 TAM 12,673
14 25594 LOT 26,623
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Total Aircraft Transferred 309,763
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Page 5 of 5
