U-Haul 2007 Annual Report Download - page 123

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 22: Subsequent Events
Preferred Stock Dividends
On May 4, 2007, the Board of Directors of AMERCO, the holding Company for U-Haul International, Inc., and other
companies, declared a regular quarterly cash dividend of $0.53125 per share on the Company’ s Series A, 8 1/2 percent
Preferred Stock. The dividend was paid June 1, 2007 to holders of record on May 15, 2007.
Note Receivable
Oxford’ s note receivable and accrued interest from SAC Holding was paid in full on April 13, 2007 in the amount of
$5.1 million.
Fleet Securitization Transaction
The Company has entered into a securitized financing, as of June 1, 2007, through an offer by certain new special-
purpose entities of up to $217.0 million of Fixed Rate Series 2007-1-BT Notes and $86.6 million of Fixed Rate Series
2007-1-CP Notes in a private placement transaction exempt from registration under the Securities Act of 1933, as amended.
The new special-purpose entities that will issue the notes will be indirect subsidiaries of AMERCO. These new special-
purpose subsidiaries will use the net proceeds from the sale of the notes to, among other things, acquire box trucks, cargo
vans and pickup trucks from the manufacturers as well as from other subsidiaries of AMERCO. The new special-purpose
subsidiaries will generate income from truck and trailer rentals to be used to service and repay the notes. The notes will not
be obligations of AMERCO or any of its subsidiaries other than the new special-purpose subsidiaries. These special-
purpose subsidiaries will be consolidated into U-Haul’ s financial statements.
F-58