U-Haul 2006 Annual Report Download - page 92

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Recent Developments
Preferred Stock Dividends
On May 3, 2006, the Board of Directors of AMERCO declared a regular quarterly cash dividend of $0.53125 per
share on the Company’ s Series A 8½ % Preferred Stock. The dividend was paid on June 1, 2006 to holders of
record on May 15, 2006.
Life Insurance Acquisition
On March 6, 2006, Christian Fidelity Life Insurance Company (“CFLIC”), a wholly-owned subsidiary of Oxford
acquired Dallas General Life Insurance Company, a Texas-based insurer that primarily distributes Medicare
supplement insurance. The purchase price was $4.5 million and was effective February 28, 2006.
Mezzanine Loan
Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under the
CMBS Mezzanine Loan. The loan was originated by Morgan Stanley Mortgage Capital, Inc. and is in the amount of
$19.4 million. The loan was entered into on August 12, 2005. On June 2, 2006, we have notified the lender of our
intent to prepay the entire loan in full on August 30, 2006. There are no prepayment fees or penalties associated with
the planned prepayment of this loan.
New Financings
On June 7, 2006, U-Haul International, Inc. and certain subsidiaries entered into a $150.0 million term loan
facility with BTMU Capital Corporation that is expected to be drawn down over the next several months to fund the
acquisition of new rental trucks. The credit facility is secured by a portion of the Company’ s new truck rental fleet.
The above discussion is merely a description of select terms of the agreements and is qualified in its entirety by
reference to our agreements with BTMU Capital Corporation filed as Exhibits 10.85, 10.86 and 10.87 hereto.
On June 7, 2006, U-Haul International, Inc. and certain subsidiaries entered into a $50.0 million term loan facility
with Bayerische Hypo-und Vereinsbank that is expected to be drawn down over the next several months to fund the
acquisition of new rental trucks. The credit facility is secured by a portion of the Company’ s new truck rental fleet.
The above discussion is merely a description of select terms of the agreements and is qualified in its entirety by
reference to our agreements with Bayerische Hypo-und Vereinsbank filed as Exhibits 10.91 and 10.92 hereto.
The existing Merrill Lynch Rental Truck Amortizing Loan and Revolving Credit Agreement were amended to
clarify their security interests in only those trucks serving as collateral for those loans. The above discussion is
merely a description of select terms of the amendments and is qualified in its entirety by reference to such
amendments with Merrill Lynch Commercial Finance Corporation filed as Exhibits 10.88 and 10.89 hereto.
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