Item 8.01Other Events
Fixed Rate Secured Notes Series UIC-20J, 21J, 22J and 23J
On January 12, 2021, the Company and the Trustee entered the Fortieth
Supplemental Indenture to the Base Indenture (the "Fixed Rate Secured Notes
Series UIC-20J, 21J, 22J and 23J Fortieth Supplemental Indenture") and a Pledge
and Security Agreement (the "Fixed Rate Secured Notes Series UIC-20J, 21J, 22J
and 23J Security Agreement"). In connection with the foregoing, the Company
has offered up to $6,945,000 in aggregate principal amount of UIC-20J, 21J, 22J
and 23J Secured Notes (the "Series UIC-20J, 21J, 22J and 23J Notes") in a public
offering. Investors in the Series UIC-20J, 21J, 22J and 23J Notes must first
join the U-Haul Investors Club. The Company intends to use the proceeds to
reimburse its subsidiaries and affiliates for the cost of acquisition and
development of the collateral pledged in such offering (the "Collateral") and
for general corporate purposes.
The Series UIC-20J, 21J, 22J and 23J Notes bear interest at rates between 2.25%
and 2.50% per year and mature between two and three years from issue date and
are fully amortizing over their respective terms. Principal and interest on the
Notes will be credited to each holder's U-Haul Investors Club account on a
quarterly basis in arrears throughout the term. The Fixed Rate Secured Notes
Series UIC-20J, 21J, 22J and 23J Fortieth Supplemental Indenture and the Fixed
Rate Secured Notes Series UIC-20J, 21J, 22J and 23J Security Agreement contain
covenants requiring the maintenance of a first-priority lien on the Collateral
subject to permitted liens, and a prohibition of additional liens on the
Collateral. The Notes are not guaranteed by any subsidiary of the Company, and
therefore are effectively subordinated to all of the existing and future claims
of creditors of each of the Company's subsidiaries.
The Series UIC-20J, 21J, 22J and 23J Notes were offered and will be sold
pursuant to the Company's shelf registration statement on Form S-3 (Registration
No. 333-235872) under the Securities Act of 1933, as amended. The Company has
filed with the Securities and Exchange Commission a prospectus supplement, dated
January 12, 2021, together with the accompanying prospectus, dated January 10,
2020, relating to the offering and sale of the Series UIC-20J, 21J, 22J and 23J
Notes.
For a complete description of the terms and conditions of the Fixed Rate Secured
Notes Series UIC-20J, 21J, 22J and 23J Fortieth Supplemental Indenture and the
Fixed Rate Secured Notes Series UIC-20J, 21J, 22J and 23J Security Agreement,
please refer to the Fixed Rate Secured Notes Series UIC-20J, 21J, 22J and 23J
Fortieth Supplemental Indenture and the Fixed Rate Secured Notes Series UIC-20J,
21J, 22J and 23J Security Agreement, each of which is incorporated herein by
reference and attached to this Current Report on Form 8-K as Exhibit 4.1.
A copy of the opinion and consent of Laurence J. De Respino, Secretary of the
Company, as to the validity of the Series UIC-20J, 21J, 22J and 23J Notes is
incorporated by reference into the Registration Statement on Form S-3 (File No.
333-235872) and filed as Exhibit 5.1 hereto.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. Description
4.1 Series UIC-20J, 21J, 22J and 23J Fortieth Supplemental Indenture and
Pledge and Security Agreement dated January 12, 2021, by and between
AMERCO and U.S. Bank National Association, as trustee.
5.1 Opinion of Laurence J. De Respino, Secretary of AMERCO.
23.1 Consent of Laurence J. De Respino, Secretary of AMERCO (included in
Exhibit 5.1).
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