<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No. 333-84611
HOUSEHOLD HOME EQUITY LOAN TRUST 1999-1
(Exact name of Registrant as specified in Department
of the Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Master Servicer of the Trust)
(Exact name as specified in Master Servicer's charter)
DELAWARE 36-3670374
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation of Master Servicer) Number of Registrant)
2700 SANDERS ROAD, PROSPECT HEIGHTS, ILLINOIS 60070
(Address of principal executive offices of Master (Zip Code)
Servicer)
Master Servicer's telephone number, including (847) 564-5000
area code
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes No X
The aggregate principal amount of the Certificates held by non-
affiliates of the Master Servicer as of December 31, 1999 was
approximately $500.3 million.
<PAGE>
<PAGE> 2
INTRODUCTORY NOTE
HFC Revolving Corporation, as seller (the "Seller") under a
Pooling and Servicing Agreement (the "Agreement") dated as of
November 1, by and among the Seller, Household Finance Corporation,
as Master Servicer (the "Master Servicer") and Bank One, National
Association, as trustee (the "Trustee") providing for the issuance
of Closed-End Home Equity Loan Asset Backed Certificates, Series
1999-1 (the "Certificates") and are originators of the trust called
the Household Home Equity Loan Trust 1999-1 (the "Registrant" or
the "Trust").
Each Certificate represents an undivided interest in the
Trust. The Certificates consist of two classes of certificates
(the "Class A Certificates" and the "Class M Certificates"). This
Form 10-K has been prepared with reduced disclosure in accordance
with past exemptions from reporting requirements granted by the
Securities and Exchange Commission (the "Commission") under Section
13 of the Securities Exchange Act of 1934 (the "Act") received by
the Master Servicer for trusts substantially similar to the Trust.
Items designated herein as "Not Applicable" have been specifically
omitted in reliance on such prior exemptions.
<PAGE>
<PAGE> 3
PART I
Item 1. Business.
Not Applicable.
Item 2. Properties.
Not Applicable.
Item 3. Legal Proceedings.
The Master Servicer is not aware of any material pending
legal proceedings involving either the Registrant, the
Trustee, the Sellers or the Master Servicer with respect
to the Certificates or the Registrant's property.
Item 4. Submission of Matters to a Vote of Security Holders.
No vote or consent of the holders of the Certificates
(the "Certificateholders") was solicited for any purpose
during the year ended December 31, 1999.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters.
To the best knowledge of the Master Servicer, there is no
established public trading market for the Certificates.
As of March 1, 2000, there were 19 Class A-1 Noteholders,
5 Class A-2 Noteholders, 12 Class A-3 Noteholders, 6
Class A-4 Noteholders, 3 Class M-1 Noteholders and 3
Class M-2 Noteholders, some of whom may be holding
Certificates for the accounts of others.
Item 6. Selected Financial Data.
Not Applicable.
<PAGE>
<PAGE> 4
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation.
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
The following table sets forth (i) the name and address
of each entity owning more than 5% of the outstanding
principal amount of the Class A Certificates or Class M
Certificates; (ii) the principal amount of Certificates
owned by each, if known, and (iii) the percent that the
principal amount of Certificates owned represents of the
outstanding principal amount of the Class A Certificates
or Class M Certificates. The information set forth in
the table is based upon information obtained by the
Master Servicer from the Trustee and from The Depository
Trust Company as of March 1, 2000. The Master Servicer
is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the
Certificates.
<PAGE>
<PAGE> 5
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class A-1 Noteholders
Boston Safe Deposit & Trust Co. $ 18,750 7.91%
c/o Mellon Bank N.A., Room 153-3015
Three Mellon Bank Center
Pissburgh, PA 15259
Chase Manhattan Bank $105,535 44.53%
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $ 46,500 19.08%
P. O. Box 30576
Tampa, FL 33630-3576
State Street Bank and Trust Co. $ 35,415 14.94%
Global Corp. Action Dept. JAB5NW
1776 Heritage Drive
NO. Quincy, MA 02171
Class A-2 Noteholders
Bank of New York $ 10,000 16.13%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank $ 30,000 48.39%
4 New York Plaza - 13th Floor
New York, NY 10004
State Street Bank and Trust Co. $ 21,560 34.77%
Global Corp. Action Dept. JAB5NW
1776 Heritage Drive
NO. Quincy, MA 02171
<PAGE>
<PAGE> 6
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class A-3 Noteholders
Bankers Trust Company $ 17,410 19.34%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Brown Brothers Harriman & Co. $ 19,080 21.20%
63 Wall Street, 8th Floor
New York, NY 10005
Northern Trust Company $ 6,375 7.08%
801 S. Canal C-IN
Chicago, IL 60607
PNC Bank, National Association $ 7,365 8.18%
1600 Market Street - 29th Floor
Philadelphia, PA 19103
Prudential Securities Custody $ 10,000 11.11%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
State Street Bank and Trust Co. $ 7,750 8.61%
Global Corp. Action Dept. JAB5NW
1776 Heritage Drive
NO. Quincy, MA 02171
Wachovia Bank/Safekeeping $ 16,000 17.78%
301 N. Main Street, NC 31058
Winston-Salem, NC 27150
<PAGE>
<PAGE> 7
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class A-4 Noteholders
Bank of New York (The) $ 20,000 46.60%
925 Patterson Plank Road
Secaucus, NJ 07094
Merrill Lynch, Pierce, Fenner $ 16,300 37.98%
& Smith, Inc. - Debt Sec
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
Northern Trust Company $ 6,000 13.98%
801 S. Canal C-IN
Chicago, IL 60607
Class M-1 Noteholders
Bank of New York (The) $ 10,000 28.13%
925 Patterson Plank Road
Secaucus, NJ 07094
The Bank of New York/ $ 15,550 43.74%
First Union Safekeeping
Dealer Clearnace
16 Wall Street - 5th Floor
New York, NY 10005
Citibank, N.A. $ 10,000 28.13%
P.O. Box 30576
Tampa, FL 33630-3576
<PAGE>
<PAGE> 8
Amount Owned
All dollar amounts are
in thousands
Name and Address Principal Percent
Class M-2 Noteholders
Bankers Trust Company $ 7,000 21.26%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Citibank, N.A. $ 12,920 39.25%
P.O. Box 30576
Tampa, FL 33630-3576
First Union National Bank $ 13,000 39.49%
1525 West W.T. Harris Blvd. - 3A4
Charlotte, NC 28288
Item 13. Certain Relationships and Related Transactions.
None or Not Applicable.
<PAGE>
<PAGE> 9
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a) List the following documents filed as a part of the
report:
(1) Financial Statements
Not Applicable.
(2) Financial Statement Schedules
Not Applicable.
(3) The Master Servicer is obligated to prepare an
Annual Statement to Certificateholders for the
year ended December 31, 1999 and the
Independent Public Accountants are required to
prepare an Annual Servicing Report pertaining
to the compliance of the Master Servicer with
its servicing obligations pursuant to the
Agreement for such year. Copies of said
documents are or will be filed as exhibits to
this Form 10-K when they are available.
(b) The Registrant filed the following current reports
on Form 8-K for the fourth quarter of 1999:
Date of Reports Items Covered
December 20, 1999 Item 7 -- Statement with respect
to distributions made on
December 20, 1999.
(c) Exhibit 99. Annual Statement to Certificateholders
for the year ended December 31, 1999.
(d) Not Applicable.
<PAGE>
<PAGE> 10
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Master Servicer has duly
caused this report to be signed on behalf of the Revolving Home
Equity Loan Trust 1999-1 by the undersigned, thereunto duly
authorized.
HOUSEHOLD FINANCE CORPORATION,
as Master Servicer of and on behalf of the
REVOLVING HOME EQUITY LOAN TRUST 1999-1
(Registrant)
Date: March 30 , 2000 By:/s/ John W. Blenke
John W. Blenke
Assistant Secretary
<PAGE>
<PAGE> 11
Exhibit Index
Exhibit No. Exhibit
99 Annual Statement to Certificateholders
for the year ended December 31, 1999
<PAGE> 1
<TABLE>
<CAPTION>
Household Home Equity Loan Trust 1999-1
<S> <C>
Original Principal Class A 431,920,000.00
Class A-1 237,000,000.00
Class A-2 62,000,000.00
Class A-3 90,000,000.00
Class A-4 42,920,000.00
Number of Class A Bonds 431,920.00
(000's)
Class A-1 237,000.00
Class A-2 62,000.00
Class A-3 90,000.00
Class A-4 42,920.00
Original Principal Class M 68,470,000.00
Class M-1 35,550,000.00
Class M-2 32,920,000.00
Number of Class M Bond 68,470.00
(000's)
Class M-1 35,550.00
Class M-2 32,920.00
Distribution Date
Days
1999 Totals
CLASS A
Principal Distribution - A-1 13,300,734.40
Class A-1 Interest 1,348,925.00
Distribution
Principal Distribution - A-2 0.00
Class A-2 Interest 359,083.33
Distribution
Principal Distribution -A-3 0.00
Class A-3 Interest 540,750.00
Distribution
Principal Distribution - A-4 0.00
Class A-4 Interest 257,877.67
Distribution
CLASS M
Principal Distribution - M-1 0.00
Interest Distribution - M-1 231,963.75
Principal Distribution - M-2 0.00
Interest Distribution - M-2 243,333.67
</TABLE>
