U-Haul 2007 Annual Report Download - page 47

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41
L
fleet, rental equipment and storage space, working
ca
ebt and borrowing capacity, please see Note 9 “Borrowings” to the “Notes to
D
iquidity and Capital Resources - Summary
We believe we have the financial resources needed to meet our business requirements including capital
expenditures for the investment in and expansion of our rental
pital requirements and our preferred stock dividend program.
The Company’ s borrowing strategy is primarily focused on asset-backed financing. As part of this strategy, the
Company seeks to ladder maturities and for loans with floating rates, fix these rates through the use of interest rate
swaps. While each of these loans typically contains provisions governing the amount that can be borrowed in
relation to specific assets, the overall structure is flexible with no limits on overall Company borrowings.
Management feels it has adequate liquidity between cash and cash equivalents and unused borrowing capacity in
existing facilities. At March 31, 2007 the Company had cash availability under existing credit facilities of $360.0
million. We believe that there are additional opportunities for leverage in our existing capital structure. For a more
detailed discussion of our long-term d
Consolidated Financial Statements.”
isclosures about Contractual Obligations and Commercial Commitments
The following table provides contractual commitments and contingencies as of March 31, 2007:
Contractual Obligations Total
Prior to
03/31/08
04/01/08
03/31/10
04/01/10
03/31/12
April 1, 2012
and Thereafter
Notes and loans payable - Principal $ 1,181,165 $ 92,335 $ 146,477 $ 118,175 $ 824,178
Notes and loans payable - Interest 473,513 71,259 125,812 110,624 165,818
Revolving credit agreement - Principal - - - - -
Revolving credit agreement - Interest - - - - -
AMERCO's operating leases 413,199 108,614 170,701 97,080 36,804
SAC Holding II Corporation notes and loans* 149,975 1,440 3,282 3,833 141,420
Elimination of SAC Holding II obligations to AMERCO (75,088) - - - (75,088)
Total contractual obligations $ 2,142,764 $ 273,648 $ 446,272 $ 329,712 $ 1,093,132
Payment due by Period (as of March 31, 2007)
(In thousands)
As presented above, contractual obligations on debt and guarantees represent principal payme
nts while contractual
* loans represent obligations of SAC Holding II issued to third party lenders and AMERCO through
its subsidiaries.
obligations for operating leases represent the notional payments under the lease arrangements.
These notes and