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Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: July 18, 2000
Newcourt Equipment Trust Securities 1999-1
A New York Commission File I.R.S. Employer
Corporation No. 108-2255 No. 13-7135550
c/o AT&T Capital Corporation
2 Gatehall Drive, Parsippany, NJ 07054
Telephone Number (973) 606-3500
Page 2 of 11
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NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1
MONTHLY SERVICING REPORT
DETERMINATION DATE: JULY 18, 2000 PAYMENT DATE: JULY 20, 2000
COLLECTION PERIOD: JUNE 30, 2000
ITEM 5. OTHER
<TABLE>
<CAPTION>
I. INFORMATION REGARDING THE CONTRACTS
<S> <C>
1. CONTRACT POOL PRINCIPAL BALANCE
a. Beginning of Collection period $ 1,299,905,522
b. End of Collection Period $ 1,253,800,037
c. Reduction for Collection Period $ 46,105,486
2. DELINQUENT SCHEDULED PAYMENTS
a. Beginning of Collection Period $ 22,702,046
b. End of Collection Period $ 22,786,056
3. LIQUIDATED CONTRACTS
a. Number of Liquidated Contracts 228
with respect to Collection Period --
b. Required Payoff Amounts of Liquidated Contracts $ 7,508,132
c. Total Reserve for Liquidation Expenses $ -
d. Total Liquidation Proceeds Received (1) $ 2,910,168
e. Liquidation Proceeds Allocated to Owner Trust $ 2,899,462
f. Liquidation Proceeds Allocated to Depositor $ 10,705
g. Current Realized Losses $ 4,608,670
4. PREPAID CONTACTS
a. Number of Prepaid Contracts with respect 664
to Collection Period --
b. Required Payoff Amounts of Prepaid Contracts $ 4,985,157
5. PURCHASED CONTRACTS (BY TCC)
a. Number of Contracts Purchased by TCC with 9
respect to Collection Period --
b. Required Payoff Amounts of Purchased Contracts $ 62,021
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<TABLE>
<CAPTION>
6. DELINQUENCY STATUS OF CONTRACTS (END OF COLLECTION PERIOD)
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% OF AGGREGATE
NUMBER OF % OF AGGREGATE REQUIRED REQUIRED PAYOFF
CONTRACTS CONTRACTS PAYOFF AMOUNTS AMOUNTS
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Current 71,398 92.16% $ 1,159,108,943 90.80%
b. 31-60 days 3,338 4.31% $ 68,074,939 5.33%
c. 61-90 days 1,346 1.74% $ 20,686,154 1.62%
d. 91-120 days 559 0.72% $ 8,358,334 0.65%
e. 120+ days 834 1.08% $ 20,357,723 1.59%
f. Total 77,475 100.00% $ 1,276,586,093 100.00%
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<TABLE>
<CAPTION>
7. HISTORICAL DELINQUENCY EXPERIENCE WITH RESPECT TO CONTRACTS
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% OF % OF % OF % OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF REQUIRED PAYOFF
COLLECTION AMOUNTS AMOUNTS AMOUNTS AMOUNTS
PERIODS 31-60 DAYS PAST DUE 61-90 DAYS PAST DUE 91-120 DAYS PAST DUE 120+ DAYS PAST DUE
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/30/00 5.33% 1.62% 0.65% 1.59%
5/31/00 4.46% 1.34% 1.58% 1.14%
4/30/00 4.98% 2.18% 1.14% 1.00%
3/31/00 4.75% 1.85% 0.64% 1.57%
2/29/00 5.79% 1.90% 0.98% 1.42%
1/31/00 4.48% 2.09% 1.06% 1.31%
12/31/99 5.04% 1.44% 1.08% 1.14%
11/30/99 4.25% 1.36% 0.61% 1.10%
10/31/99 3.70% 1.22% 0.79% 1.05%
9/30/99 3.65% 1.06% 0.98% 0.35%
8/31/99 3.34% 2.02% 0.49% 0.01%
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<TABLE>
<CAPTION>
8. HISTORICAL LOSS EXPERIENCE WITH RESPECT TO CONTRACTS
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COLLECTION 3 COLLECTION 6 COLLECTION PERIODS CUMULATIVE SINCE
PERIOD PERIODS ENDING ENDING CUT-OFF DATE
JUNE-00 JUNE-00 JUNE-00
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
a. Number of Liquidated 228 791 1,761 2,454
Contracts
b. Number of Liquidated 0.264% 0.918% 2.043% 2.847%
Contracts as a Percentage
of Initial Contracts
c. Required Payoff Amounts of 7,508,132 20,856,742 41,043,345 56,254,425
Liquidated Contracts
d. Liquidation Proceeds Allocated 2,899,462 8,365,030 15,548,054 15,594,753
to Owner Trust
e. Aggregate Current Realized 4,608,670 12,491,713 25,495,291 40,659,672
Losses
f. Aggregate Current Realized 0.251% 0.680% 1.389% 2.215%
Losses as a Percentage of
Cut-off Date Contract Pool
Principal Balance
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Page 4 of 11
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II. INFORMATION REGARDING THE SECURITIES
1. SUMMARY OF BALANCE INFORMATION
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<CAPTION>
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PRINCIPAL BALANCE AS OF CLASS FACTOR AS OF PRINCIPAL BALANCE AS OF CLASS FACTORS AS OF
CLASS COUPON JUNE 20, 2000 JUNE 20, 2000 MAY 22, 2000 MAY 22, 2000
RATE PAYMENT DATE PAYMENT DATE PAYMENT DATE PAYMENT DATE
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<S> <C> <C> <C> <C> <C>
a. Class A-1 Notes 5.971300% $0 0.00000 $0 0.00000
b. Class A-2 Notes 6.310000% $101,448,536 0.55259 $145,974,313 0.79512
c. Class A-3 Notes 6.951250% $679,271,171 1.00000 $679,271,171 1.00000
d. Class A-4 Notes 7.180000% $318,523,103 1.00000 $318,523,103 1.00000
e. Class A-5 Notes 6.990000% $48,832,520 0.72874 $50,328,218 0.75106
f. Class B Notes 7.070000% $22,948,351 1.00000 $22,948,351 1.00000
g. Class C Notes 7.210000% $50,486,371 1.00000 $50,486,371 1.00000
h. Class D Notes 7.960000% $55,076,041 1.00000 $55,076,041 1.00000
i. Total N.A. $1,276,586,093 0.69536 $1,322,607,568 0.72043
</TABLE>
Note: Aggregate Required Payoff Amount of all contracts at the end of the
collection period is $1,276,586.093. and the CCA Balance is 71,593,882.
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<TABLE>
<S> <C>
2. MONTHLY PRINCIPAL AMOUNT
a. Principal Balance of Notes and Equity Certificates
(End of Prior Collection Period) $ 1,322,607,568
b. Contract Pool Principal Balance (End of Collection Period) $ 1,253,800,037
c. Monthly Principal Amount $ 68,807,531
3. GROSS COLLECTIONS
a. Scheduled Payments Received $ 42,944,774
b. Liquidation Proceeds Allocated to Owner Trust $ 2,899,462
c. Required Payoff Amounts of Prepaid Contracts $ 4,985,157
d. Required Payoff Amounts of Purchased Contracts $ 62,021
e. Proceeds of Clean-up Call $ --
f. Investment Earnings on Collection Account and Note Distribution Account $ 273,047
g. Total Gross Collections (sum of (a) through (f)) $ 51,164,461
4. DETERMINATION OF AVAILABLE FUNDS
a. Total Pledged Revenues $ 51,164,461
b. Withdrawal from Cash Collateral Account $ 3,580,304
c. Total Available Funds $ 54,744,765
5. CLASS A-3 SWAP
a. Payment Details
1. Class A-3 Principal Amount $ --
2. Class A-3 Assumed Fixed Rate 6.8360%
3. Class A-3 Assumed Fixed Rate Count (30/360) 0.083333333
4. Class A-3 Interest Rate (Libor + .30%) 6.95125%
5. Class A-3 Interest Rate Day Count (Actual/360) 0.083333333
b. Net Payment Calculation
1. Class A-3 Assumed Fixed Payment to Swap Provider $ 3,869,581
2. Class A-3 Interest Payment $ 3,934,820
3. Class A-3 Swap Payment From/(To) the Trust $ (65,238)
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Page 6 of 11
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<TABLE>
<CAPTION>
6. APPLICATION OF AVAILABLE FUNDS
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ITEM AMOUNT REMAINING AVAILABLE FUNDS
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<S> <C> <C>
a. Total Available Funds $ 54,744,765
b. Servicing Fee $ 1,083,255 $ 53,661,511
c. Interest on Notes:
i) Class A-1 Notes $ -- $ 53,661,511
ii) Class A-2 Notes $ 767,582 $ 52,893,929
iii) Class A-3 Net Swap $ (65,238) $ 52,959,167
iv) Class A-3 Notes $ 3,934,820 $ 49,024,348
v) Class A-4 Notes $ 1,905,830 $ 47,118,518
vi) Class A-5 Notes $ 293,162 $ 46,825,356
vii) Class B Notes $ 135,204 $ 46,690,152
viii) Class C Notes $ 303,339 $ 46,386,813
ix) Class D Notes $ 365,338 $ 46,021,475
d. Principal of Notes
i) Class A-1 Notes $ -- $ 46,021,475
ii) Class A-2 Notes $ 44,525,777 $ 1,495,698
iii) Class A-3 Notes $ -- $ 1,495,698
iv) Class A-4 Notes $ -- $ 1,495,698
v) Class A-5 Notes $ 1,495,698 $ 0
vi) Class B Notes $ -- $ 0
vii) Class C Notes $ -- $ 0
viii) Class D Notes $ -- $ 0
e. Deposit to Cash $ -- $ 0
Collateral Account
f. Amount to be applied in
accordance with CCA $ -- $ 0
Loan Agreement
g Balance, if any, to Equity $ -- $ 0
</TABLE>
III. INFORMATION REGARDING THE CASH COLLATERAL ACCOUNT
Page 7 of 11
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<TABLE>
<CAPTION>
1. BALANCE RECONCILIATION
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JULY 20, 2000
ITEM PAYMENT DATE
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<S> <C>
a. Available Cash Collateral Amount (Beginning) 75,174,186
b. Deposits to Cash Collateral Account -
c. Withdrawals from Cash Collateral Account 3,580,304
d. Releases of Cash Collateral Account Surplus -
(Excess, if any of (a) plus (b) minus (c) over (f))
e. Available Cash Collateral Amount (End) 71,593,882
(Sum of (a) plus (b) minus (c) minus (d))
f. Requisite Cash Collateral Amount 100,972,742
g. Cash Collateral Account Shortfall 29,378,860
(Excess, if any, of (f) over (e))
2. CALCULATION OF REQUISITE CASH COLLATERAL AMOUNT
a. For any payment date on or prior to the
August 2000 Payment Date to,
and including, the August 2000 Payment Date
1) Initial Cash Collateral Amount 100,972,742
b. For any Payment Dates after the August 2000
Payment Date until
the Final Payment Date, the sum of
1) 6.60% of the Contract Pool Principal Balance 82,750,802
2) The Aggregate Principal Balance of the Notes
and the Equity Certificate Balance less the
Contract Pool Principal Balance 22,786,056
3) Total ((1) plus (2)) 105,536,859
c. Floor equal to the lesser of
1) 1.25% of Cut-Off Date Contract Pool Principal
Balance ($22,948,350); and 22,948,350
2) the Aggregate Principal Balance of the Notes
and the Equity Certificate Balance 1,276,586,093
d. Requisite Cash Collateral Amount 100,972,742
3. CALCULATION OF CASH COLLATERAL ACCOUNT WITHDRAWALS
a. Interest Shortfalls --
b. Principal Deficiency Amount 3,580,304
c. Principal Payable at Stated Maturity Date of
Class of Notes or Equity Certificates --
d. Total Cash Collateral Account Withdrawals 3,580,304
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Page 8 of 11
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IV. INFORMATION REGARDING DISTRIBUTIONS ON SECURITIES
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DISTRIBUTION CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
AMOUNTS NOTES NOTES NOTES NOTES
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<S> <C> <C> <C> <C>
1. Interest Due $ -- $ 767,582 $ 3,934,820 $ 1,905,830
2. Interest Paid $ -- $ 767,582 $ 3,934,820 $ 1,905,830
3. Interest Shortfall $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ -- $ 44,525,777 $ -- $ --
5. Total Distribution Amount $ -- $ 45,293,359 $ 3,934,820 $ 1,905,830
((2) plus (4))
<CAPTION>
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DISTRIBUTION CLASS A-5 CLASS B CLASS C CLASS D
AMOUNTS NOTES NOTES NOTES NOTES TOTALS
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<S> <C> <C> <C> <C> <C>
1. Interest Due $ 293,162 $ 135,204 $ 303,339 $ 365,338 $ 7,705,274
2. Interest Paid $ 293,162 $ 135,204 $ 303,339 $ 365,338 $ 7,705,274
3. Interest Shortfall $ -- $ -- $ -- $ -- $ --
((1) minus (2))
4. Principal Paid $ 1,495,698 $ -- $ -- $ -- $ 46,021,475
5. Total Distribution Amount $ 1,788,860 $ 135,204 $ 303,339 $ 365,338 $ 53,726,749
((2) plus (4))
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Page 9 of 11
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V. INFORMATION REGARDING OTHER POOL CHARACTERISTICS
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<CAPTION>
------------------------------------------------------------------------------------------------
AS OF END OF AS OF END OF
ITEM JUNE-00 MAY-00
COLLECTION PERIOD COLLECTION PERIOD
------------------------------------------------------------------------------------------------
<S> <C> <C>
1. ORIGINAL CONTRACT CHARACTERISTICS
a. Original Number of Contracts 86,204 N.A.
b. Cut-Off Date Contract Pool 1,835,868,028 N.A.
Principal Balance
c. Original Weighted Average 47.00 N.A.
Remaining Term
d. Weighted Average 55.00 N.A.
Original Term
2. CURRENT CONTRACT CHARACTERISTICS
a. Number of Contracts 77,475 78,523
b. Average Contract 16,183 16,554
Principal Balance
c. Weighted Average 39.0 39.7
Remaining Term
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Page 10 of 11
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VI. NEWCOURT EQUIPMENT TRUST SECURITIES 1999-1 PREPAYMENT SCHEDULE
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<CAPTION>
-------------------------------------------------------
PAYMENT DATE SINCE ISSUE
PERIOD CPR
-------------------------------------------------------
<S> <C> <C>
0 Aug-99
1 Sep-99 7.696%
2 Oct-99 10.521%
3 Nov-99 9.958%
4 Dec-99 8.758%
5 Jan-00 8.327%
6 Feb-00 9.785%
7 Mar-00 9.516%
8 Apr-00 9.315%
9 May-00 9.708%
10 Jun-00 9.706%
11 Jul-00 9.497%
</TABLE>
VII. PURCHASED, LIQUIDATED AND PAID CONTRACTS
A COMPUTER LISTING OF ALL PURCHASED, LIQUIDATED AND PAID CONTRACTS HAS BEEN
PROVIDED TO THE INDENTURE TRUSTEE.
Servicer's Certificate
The undersigned, on behalf of AT&T Capital Corporation, in its
capacity as servicer (the "Servicer") under the Pooling and Servicing
Agreement, dated as of August 1, 1999 (the "Pooling and Servicing
Agreement"), among Newcourt Equipment Trust Securities 1999-1, Antigua
Funding Corporation, The Chase Manhattan Bank, as trustee under the
Indenture, and AT&T Capital Corporation, in its individual capacity
and as Servicer, DO HEREBY CERTIFY that I am a Responsible Officer of
the Servicer and, pursuant to Section 9.02 of the Pooling and
Servicing Agreement, I DO HEREBY FURTHER CERTIFY the following report
with respect to the Payment Date occurring on July 20, 2000
This Certificate shall constitute the Servicer's Certificate as
required by Section 9.02 of the Pooling and Servicing Agreement with
respect to the above Payment Date. Any term capitalized but not
defined herein shall have the meaning ascribed thereto in the Pooling
and Servicing Agreement.
AT&T CAPITAL CORPORATION
Glenn Votek
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Glenn Votek
Executive Vice President, and Treasurer
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