U-Haul 2007 Annual Report Download - page 90

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Annual Maturities of AMERCO Consolidated Notes and Loans Payable
The annual maturities of AMERCO consolidated long-term debt as of March 31, 2007 for the next five years and
thereafter is as follows:
2008 2009 2010 2011 2012 Thereafter
Notes payable, secured $ 92,335 $ 83,444 $ 63,033 $ 45,890 $ 72,285 $ 824,178
March 31,
(In thousands)
SAC Holding II Notes and Loans Payable to Third Parties
SAC Holding II notes and loans payable to third parties, other than AMERCO, were as follows:
2007 2006
Notes payable, secured, 7.87% interest rate, due 2027 $ 74,887 $ 76,232
(In thousands)
March 31,
Secured notes payable are secured by deeds of trusts on the collateralized land and buildings. Principal and interest
payments on notes payable to third party lenders are due monthly in the amount of $0.6 million. Certain notes payable
contain provisions whereby the loans may not be prepaid at any time prior to the maturity date without payment to the
lender of a Yield Maintenance Premium, as defined in the loan agreements.
On March 15, 2004, the SAC entities issued $200.0 million aggregate principal amount of 8.5% senior notes due 2014
(the “new SAC Notes”). SAC Holding Corporation and SAC Holding II Corporation are jointly and severally liable for
these obligations. The proceeds from this issuance flowed exclusively to SAC Holding Corporation and as such SAC
Holding II has recorded no liability for this. On August 30, 2004, SAC Holdings paid down $43.2 million on this note. On
May 16, 2007, SAC Holdings gave notice it intends to pay off the remaining balance of the new SAC Notes and terminate
the related indenture effective June 21, 2007. No funds from SAC Holding II are expected to be used as part of this
transaction.
Annual Maturities of SAC Holding II Notes and Loans Payable to Third Parties
The annual maturities of SAC Holding II long-term debt as of March 31, 2007 for the next five years and thereafter
is as follows:
2008 2009 2010 2011 2012 Thereafter
Notes payable, secured $ 1,440 $ 1,576 $ 1,706 $ 1,847 $ 1,986 $ 66,332
March 31,
(In thousands)
F-25