AMERCO (NASDAQ:UHAL) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
On September 1, 2017, AMERCO, a Nevada corporation, entered into a $150 million unsecured revolving credit facility with Bank of America, N.A., as Agent and Lender. The credit facility has an interest rate generally based on LIBOR plus a margin ranging from 1.375% to 1.50%, and the facility matures on September 1, 2020. AMERCO may request an increase in the credit commitment up to a maximum aggregate amount of $300 million, with the funding of such increased commitment subject to the discretion of the participant Lenders. The facility restricts AMERCO from incurring unsecured debt commitments or adding liens to its unencumbered real property portfolio if doing so would cause the ratio of AMERCO’s consolidated unencumbered real property value to unsecured debt commitments to fall below 2.0.
The description of the foregoing matter is not complete and is qualified in its entirety by the full text of the credit agreement, a copy of with is attached hereto as Exhibit 10.1 and is incorporated herein by this reference.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits.
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Exhibit No. |
Description |
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10.1 |
Credit Agreement, dated as of September 1, 2017 by and among AMERCO, as the Borrower, Bank of America, N.A., as Agent for all Lenders, and the financial institutions party thereto from time to time, as Lenders. |
AMERCO /NV/ ExhibitEX-10.1 2 Ex101.htm EXHIBIT 10.1 CREDIT AGREEMENT Dated as of September 1,…To view the full exhibit click here
About AMERCO (NASDAQ:UHAL)
AMERCO is a do-it-yourself moving and storage operator through its subsidiary, U-Haul International, Inc. (U-Haul). The Company supplies its products and services to help people move and store their household and commercial goods through U-Haul. It sells U-Haul brand boxes, tape, and other moving and self-storage products and services to do-it-yourself moving and storage customers at its distribution outlets and through uhaul.com and eMove Websites. The Company operates through three segments: Moving and Storage; Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment includes the operations of AMERCO, U-Haul and Amerco Real Estate Company, and the subsidiaries of U-Haul and Real Estate. The Property and Casualty Insurance segment consists of the operations of Repwest Insurance Company and its subsidiaries, and ARCOA Risk Retention Group. The Life Insurance segment consists of the operations of Oxford Life Insurance Company and its subsidiaries.
