UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): April 14, 2000
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Commission File No. 0-18387
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PEGASUS AIRCRAFT PARTNERS II, L.P.
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(Exact name of registrant as specified in its charter)
State of Organization: Delaware
IRS Employer Identification No. 84-1111757
Four Embarcadero Center, 35th Floor, San Francisco, California 94111
Telephone - (415) 434-3900
This document consists of 3 pages.
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Item 5. Other Events.
The Partnership distributed $.30 per Unit on April 25, 2000, principally from
the proceeds of operations during the quarter ended March 31, 2000 and cash
reserves. As has historically been the case, the amount of future cash
distributions will be determined on a quarterly basis after an evaluation of the
Partnership's operating results and its current and projected financial
position. Amongst the Partnership's assets and lessees, the McDonnell-Douglas DC
10-10 will remain off lease for almost all of 2000 due to the end of the
Continental Airlines lease in late 1999 and the timing of the freighter
conversion for Emery. Although being offered for lease or sale, the A-300 and
L-1011 continue to remain off lease. Falcon Air Express continues to struggle
with liquidity and Kitty Hawk, Inc. (parent of Kitty Hawk Aircargo, Inc.)
recently publicly announced significant liquidity problems.
The Partnership closed on a new, $30 million, lending facility on April 14, 2000
and an initial draw down was made of $19.5 million. The proceeds were used to
retire existing debt of $16.53 million and to replenish working capital.
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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.
PEGASUS AIRCRAFT PARTNERS II, L.P.
(Registrant)
By: Air Transport Leasing, Inc.
Administrative General Partner
April 26, 2000 By: /S/Clifford B. Wattley
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Clifford B. Wattley
President and Director
