Item 8.01Other Events
Fixed Rate Secured Notes Series UIC-1L, 2L, 3L, 4L and 5L
On March 8, 2022, the Company and the Trustee entered the Forty-Third
Supplemental Indenture to the Base Indenture (the "Fixed Rate Secured Notes
Series UIC-1L, 2L, 3L, 4L and 5L Forty-Third Supplemental Indenture") and a
Pledge and Security Agreement (the "Fixed Rate Secured Notes Series UIC-1L, 2L,
3L, 4L and 5L Security Agreement"). In connection with the foregoing, the
Company has offered up to $6,057,000 in aggregate principal amount of UIC-1L,
2L, 3L, 4L and 5L Secured Notes (the "Series UIC-1L, 2L, 3L, 4L and 5L Notes")
in a public offering. Investors in the Series UIC-1L, 2L, 3L, 4L and 5L 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-1L, 2L, 3L, 4L and 5L Notes bear interest at rates between 1.50%
and 2.00% per year and mature between two years through four 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-1L, 2L, 3L, 4L and 5L Forty-Third Supplemental
Indenture and the Fixed Rate Secured Notes Series UIC-1L, 2L, 3L, 4L and 5L
Security Agreement contain covenants requiring the maintenance of a
first-priority lien on the Collateral subject to permitted liens, and a
prohibition of additional liens on the Collateral. 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-1L, 2L, 3L, 4L and 5L Notes were offered and will be sold
pursuant to the Company's shelf registration statement on Form S-3 (Registration
No. 333-235872) under the Securities Act of 1933, as amended. The Company has
filed with the Securities and Exchange Commission a prospectus supplement, dated
March 8, 2022, together with the accompanying prospectus, dated January 10,
2020, relating to the offering and sale of the Series UIC-1L, 2L, 3L, 4L and 5L
Notes.
For a complete description of the terms and conditions of the Fixed Rate Secured
Notes Series UIC-1L, 2L, 3L, 4L and 5L Forty-Third Supplemental Indenture and
the Fixed Rate Secured Notes Series UIC-1L, 2L, 3L, 4L and 5L Security
Agreement, please refer to the Fixed Rate Secured Notes Series UIC-1L, 2L, 3L,
4L and 5L Forty-Third Supplemental Indenture and the Fixed Rate Secured Notes
Series UIC-1L, 2L, 3L, 4L and 5L 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 Laurence J. De Respino, Secretary of the
Company, as to the validity of the Series UIC-1L, 2L, 3L, 4L and 5L Notes is
incorporated by reference into the Registration Statement on Form S-3 (File No.
333-235872) and filed as Exhibit 5.1 hereto.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. Description
4.1 Series UIC-1L, 2L, 3L, 4L and 5L Forty-Third Supplemental Indenture
and Pledge and Security Agreement dated March 8, 2022, by and between
AMERCO and U.S. Bank National Association, as trustee.
5.1 Opinion of Laurence J. De Respino, Secretary of AMERCO.
23.1 Consent of Laurence J. De Respino, Secretary of AMERCO (included in
Exhibit 5.1).
© Edgar Online, source Glimpses