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): January 19, 2000
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Commission File No. 0-18387
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PEGASUS AIRCRAFT PARTNERS II
A Delaware Limited Partnership
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.
Change in Distribution Rate
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Pegasus Aircraft Partners II (the "Partnership") paid out distributions relating
to the fourth quarter 1999 on January 19, 2000 at the rate of $0.30 per Unit.
The $0.30 per Unit is a decrease from the $0.40 per Unit distributions paid for
the third quarter 1999. As discussed in the third quarter report, delays in
refinancing the Partnership's debt have necessitated the reduction in the
distribution. Although there can be no assurance, we are hopeful of completing
the refinancing and replenishing working capital to resume the $0.40
distribution rate. Inclusive of this cash distribution, cumulative distributions
for investors admitted in the first closing amount to $17.92 per Unit.
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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
January 21, 2000 By: /S/Clifford B. Wattley
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Clifford B. Wattley
President and Director
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