AMERCO (NASDAQ:UHAL) Files An 8-K Other Events
Item 8.01Other Events
Fixed Rate Secured Notes Series UIC-1I
On March 7, 2019, the Company and the Trustee entered the Thirty-Fifth Supplemental Indenture to the Base Indenture (the “Fixed Rate Secured Notes Series UIC-1I Thirty-Fifth Supplemental Indenture”) and a Pledge and Security Agreement (the “Fixed Rate Secured Notes Series UIC-1I Security Agreement”). In connection with the foregoing, the Company has offered up to $6,697,200 in aggregate principal amount of UIC-1I Secured Notes (the “Series UIC-1I Notes”) in a public offering. Investors in the Series UIC-1I Notes must first join the U-Haul Investors Club. The Company intends to use the proceeds to reimburse its subsidiaries and affiliates for the cost of acquisition and development of the collateral pledged in such offering (the “Collateral”) and for general corporate purposes.
The Series UIC-1I Notes bear interest at rates between 3.75% and 5.75% per year and mature between five and fifteen years from issue date and are fully amortizing over their respective terms. Principal and interest on the Notes will be credited to each holder’s U-Haul Investors Club account on a quarterly basis in arrears throughout the term. The Fixed Rate Secured Notes Series UIC-1I Thirty-Fifth Supplemental Indenture and the Fixed Rate Secured Notes Series UIC-1I Security Agreement contain covenants requiring the maintenance of a first-priority lien on the Collateral, and a prohibition on additional liens on the Collateral, in each case subject to certain permitted liens. The Notes are not guaranteed by any subsidiary of the Company, and therefore are effectively subordinated to all of the existing and future claims of creditors of each of the Company’s subsidiaries.
The Series UIC-1I Notes will be offered and sold to the Company’s shelf registration statement on Form S-3 (Registration No. 333-215546) under the Securities Act of 1933, as amended. The Company has filed with the Securities and Exchange Commission a prospectus supplement, dated March 7, 2019, together with the accompanying prospectus, dated January 13, 2017, relating to the offering and sale of the Series UIC-1I Notes.
For a complete description of the terms and conditions of the Fixed Rate Secured Notes Series UIC-1I Thirty-Fifth Supplemental Indenture and the Fixed Rate Secured Notes Series UIC-1I Security Agreement, please refer to the Fixed Rate Secured Notes Series UIC-1I Thirty-Fifth Supplemental Indenture and the Fixed Rate Secured Notes Series UIC-1I Security Agreement, each of which is incorporated herein by reference and attached to this Current Report on Form 8-K as Exhibit 4.1.
A copy of the opinion and consent of Jennifer M. Settles, Secretary of the Company, as to the validity of the Series UIC-1I Notes is incorporated by reference into the Registration Statement on Form S-3 (File No. 333-215546) and filed as Exhibit 5.1 hereto.
Item 8.01.Financial Statements and Exhibits.
Series UIC-1I Thirty-Fifth Supplemental Indenture and Pledge and Security Agreement dated March 7, 2019, by and between AMERCO and U.S. Bank National Association, as trustee.
Opinion of Jennifer M. Settles, Secretary of AMERCO.
Consent of Jennifer M. Settles, Secretary of AMERCO (included in Exhibit 5.1).
AMERCO /NV/ Exhibit
EX-4.1 2 ex41.htm EX 4.1 AMERCO,…
To view the full exhibit click
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.