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 Commission File No. 33-94848
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
CATERPILLAR FINANCIAL FUNDING CORPORATION
(Exact name of Registrant as specified in its charter)
Nevada 88-0342613
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Greenview Plaza
4040 South Eastern Ave Suite 344
Las Vegas, Nevada 89121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 735-2514
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
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 X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] Not Applicable.
PART I.
Item 1. Business
Not Applicable.
Item 2. Properties
Caterpillar Financial Asset Trust 1998-A ("Trust-A") is a trust established under the laws of the State of Delaware by the Trust Agreement dated July 1, 1998 (the "Trust-A Agreement") between Caterpillar Financial Funding Corporation (the "Seller") and Chase Manhattan Bank, Delaware, acting thereunder not in its individual capacity but solely as trustee of Trust-A. Caterpillar Financial Services Corporation (the "Servicer") is the Servicer under a Sale and Servicing Agreement dated July 1, 1998 between the Servicer, the Seller and Trust-A. On July 31, 1998, Trust-A issued:
The Certificates evidence fractional undivided interest in the Trust-A. The Notes evidence debt obligations of the Trust-A.
Caterpillar Financial Asset Trust 1999-A ("Trust-B") is a trust established under the laws of the State of Delaware by the Trust Agreement dated July 1, 1999 (the "Trust-B Agreement") between the Seller and Chase Manhattan Bank, Delaware, acting thereunder not in its individual capacity but solely as trustee of Trust-B. Caterpillar Financial Services Corporation is the Servicer under a Sale and Servicing Agreement dated July 1, 1999 between the Servicer, the Seller and Trust-B. On July 21, 1999, Trust-B issued:
The Certificates evidence fractional undivided interest in the Trust-B. The Notes evidence debt obligations of the Trust-B.
The property of each Trust includes (i) fixed or variable rate retail installment sale contracts and/or equipment finance lease contracts secured by new and/or used machinery manufactured primarily by Caterpillar Inc. or its affiliate Mitsubishi Caterpillar Forklift America Inc.(the "Financed Equipment"), including rights to receive certain payments made with respect to such contracts sold to the Trust by the Seller, (collectively the "Receivables")(ii) all monies (including accrued interest) due or received thereunder on or after the applicable cutoff date, and (iii) security interests in the Financed Equipment and certain other cross-collateralized equipment, (iv) amounts on deposit in certain trust accounts, including a related Collection Account, any Reserve Account, and Pre-Funding Account and any other account identified in the related Prospectus Supplement, and the proceeds thereof, (v) the rights to proceeds from claims on physical damage, credit life and disability insurance policies, if any, covering the Financed Equipment or the obligors on the Receivables, as the case may be, (vi) the proceeds of any repossessed Financed Equipment, (vii) the rights of the Seller under the related Purchase Agreement between the Servicer and the Seller, (viii) the interest of the Seller in any proceeds from recourse to dealers on such receivables, (ix) interest earned on short-term investments made by the Trust, and (x) any proceeds of the foregoing.
As of December 31, 1999, the end of the fiscal year of the Trust for which this Form 10-K annual report is being filed, the aggregate principal balance of the Receivables remaining in the Trust was approximately $775,183,187.
For additional information regarding principal and interest payments in respect to the Certificates and the Notes and information regarding servicing compensation and other fees paid by Trust-A during the year ending December 31, 1999, refer to Exhibits 99.1 - 99.3 for Trust-A. For additional information regarding principal and interest payments in respect of the Certificates and the Notes and information regarding servicing compensation and other fees paid by Trust-B during the year ending December 31, 1998, refer to Exhibits 99.4 - 99.6 for Trust-B.
Item 3. Legal Proceedings
The Registrant knows of no material pending legal proceedings involving either the Trust property, Trustee, Seller or Servicer in respect of the Trust.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted during the fiscal year covered by this report to a vote of holders of either the Notes or Certificates.
PART II.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
(a) To the best knowledge of the Registrant, there is no established public market for the Certificates.
(b) As of December 31, 1999, there was one Certificate holder of record.
(c) Not Applicable.
Item 6. Selected Financial Data
Not Applicable
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
Not Applicable.
Item 13. Certain Relationships and Related Transactions
Not Applicable.
PART IV.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) The following documents are filed as part of this report:
Exhibit No.
99.1 Trust-A Subordinated Interests Servicer Report *
99.2 Trust-A Statement to Noteholders*
99.4 Trust-B Statement to Certificateholders*
99.5 Trust-B Statement to Noteholders*
99.6 Trust-B Servicer's Certificate
99.7 Fiscal Year-end Statement (unaudited) for the period ended
December 31, 1999
*Relating to the annual collection period ending December 31, 1999.
(b) Reports on Form 8-K
Current report on Form 8-K dated February 25, 1999 (Item 7).
(c) Not Applicable.
(d) Not Applicable.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the Act by Registrants which have not registered Securities pursuant to Section 12 of the Act.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificate holders, and the Registrant does not presently contemplate sending any such materials subsequent to the filing of this report.
Signatures
Pursuant to the requirements of Section 13 or 15(d) 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.
CATERPILLAR FINANCIAL FUNDING CORPORATION
(Registrant)
Dated: March 30,2000 By: /s/Paul J. Gaeto Paul J. Gaeto, Secretary
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Date Signature Title
March 30,2000 _/s/Scott E. Harris President (Principle
(Scott E. Harris) Executive Officer)
March 30,2000 /s/Edward J. Scott Treasurer (Principal
(Edward J. Scott) Financial Officer)
March 30,2000 /s/James L. Mills_ CFO (Principle
(James L. Mills) Accounting Officer)
EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NO. NUMBERED PAGE
99.1 Trust-A Statement to Certificateholders* 8
99.2 Trust-A Statement to Noteholders* 10
99.4 Trust-B Statement to Certificateholders* 16
99.5 Trust-B Statement to Noteholders* 19
99.6 Trust-B Servicer's Certificate 22
period ended December 31, 1999
*Relating to the annual collection period ending December 31, 1999.
Exhibit 99.7
CATERPILLAR FINANCIAL FUNDING CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Thousands of dollars)
December 31, 1999
Assets: |
||
Cash and cash equivalents |
$ 323.1 |
|
Investment in Caterpillar Financial Asset Trust |
47,130.7 |
|
Other Receivables |
30,515.9 |
|
Deferred income taxes |
758.8 |
|
Total assets |
$ 78,728.50 |
|
Liabilities and stockholder's equity: |
||
Payable to Caterpillar Financial Services Corp. |
$58,895.9 |
|
Income taxes payable |
720.9 |
|
Other liabilities |
189.5 |
|
Total liabilities |
$ 59,806.30 |
|
Common stock - $1 par value |
755.8 |
|
Authorized: 2,000 shares |
||
Issued and outstanding: one share |
||
Retained Earnings |
18,166.4 |
|
Total stockholder's equity |
18,922.20 |
|
Total liabilities and stockholder's equity |
$ 78,728.50 |
CATERPILLAR FINANCIAL FUNDING CORPORATION
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31,1999
(Thousands of dollars)
Revenues: |
||
Securitization income |
6,597.8 |
|
Miscellaneous income |
55.2 |
|
Total revenues |
6,653.0 |
|
Expenses: |
||
Loss on Sale of Securities |
1,540.8 |
|
General, operating, and administrative |
324.3 |
|
Other expense |
2.0 |
|
Total expenses |
1,867.1 |
|
Income before income taxes |
4,785.9 |
|
Provision for income taxes |
1,675.1 |
|
Net income |
3,110.8 |
|
Retained earnings - beginning of year |
15,055.6 |
|
Retained earnings - end of year |
$18,166.4 |