AMERCO Announces $600 Million Private Placement of Senior Unsecured Notes
October 4, 2021 Download
RENO, Nev. (October 4, 2021)—AMERCO (Nasdaq: UHAL), a Nevada corporation (the “Company”), announced today that it has entered into a note purchase agreement to issue $600 million of fixed rate senior unsecured notes (the “Notes”) in a private placement offering with a weighted average interest rate of 2.59% as of the issuance date.
The senior notes consist of four tranches each totaling $150 million. The Series A 2.43% Senior Notes are due September 30, 2029, the Series B 2.51% Senior Notes are due September 30, 2030, the Series C 2.63% Senior Notes are due September 30, 2031, and the Series D 2.78% Senior Notes are due September 30, 2033.
“These notes are an important part of our strategy to continue to grow the U-Haul organization to better meet the needs of North America’s self-moving and self-storage customers,” stated Joe Shoen, chairman of AMERCO. “Our long-term plan has been to expand our presence with additional retail locations and these notes secure the availability of capital at a reasonable fixed cost.”
The notes have not been, and will not be, registered under the Securities Act of 1933 or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States or any other jurisdiction absent registration or an exemption from the registration requirements of the Securities Act of 1933 and the applicable securities laws of any state or other jurisdiction. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.