AMERCO Announces $600 Million Private Placement of Senior Unsecured Notes
December 7, 2021 Download
RENO, Nev. (December 7, 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 2.71% as of the issuance date.
The senior notes consist of five tranches. The $100 million Series A 2.55% Senior Notes are due January 27, 2030, the $100 million Series B 2.60% Senior Notes are due January 27, 2031, the $100 million Series C 2.68% Senior Notes are due January 27, 2032, the $150 million Series D 2.73% Senior Notes are due January 27, 2033, and the $150 million Series E 2.88% Senior Notes are due January 27, 2035.
“Based on the strong response to our last private placement, we accelerated the timeframe for our follow-up offering,” stated Joe Shoen, chairman of AMERCO. “These capital transactions are helping to facilitate the progress we are making on our expansion plans.”
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.