U-Haul 2004 Annual Report Download - page 82

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
SAC Holdings' Notes and Loans
SAC Holdings' notes and loans payable at Ñscal year-ends were as follows:
March 31,
2004 2003
(In thousands)
Notes payable, secured, bearing interest rates ranging from 7.87% to
9.00% due 2027 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $78,637 $468,575
Less discounts on notes payableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (1,794)
Total SAC Holdings' notes and loans payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $78,637(A) $466,781(B)
(A) SAC Holding II Corporation
(B) SAC Holding Corporation & SAC Holding II Corporation
In connection with the Chapter 11 bankruptcy restructuring of AMERCO, SAC Holding agreed to issue
to creditors in our Chapter 11 proceeding, $200 million aggregate principal amount of 8.5% senior notes due
2014 (the ""New SAC Notes''). The issuance of these notes by SAC Holding was part of an agreed upon set of
transactions in connection with our bankruptcy reorganization plan which had the eÅect of eliminating
$200 million of notes receivable from SAC Holding that were previously held by AMERCO.
Annual Maturities of SAC Holdings' Notes
The annual maturity of SAC Holdings II's long-term debt for the next Ñve years and thereafter is as
follows:
Year Ended
2005 2006 2007 2008 2009 Thereafter
(In thousands)
Notes payable, securedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,236 $1,215 $1,317 $1,544 $1,669 $71,656
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. 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 deÑned in the loan agreements.
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