Amerco $275 million seven-year notes talk at 12% area, pricing Wednesday

By Paul A. Harris

St. Louis, Mo., Oct. 7 - The price talk is 12% area on Amerco Inc.'s upcoming offering of $275 million of seven-year senior notes (Ba2/BB+/BB+), according to a syndicate source. The deal is expected to price Wednesday.

Credit Suisse First Boston and Merrill Lynch & Co. are joint bookrunners. Banc One Capital Markets and US Bancorp Piper Jaffray are co-managers.

The Rule 144A notes are non-callable for four years.

Proceeds will be used to repay bank debt and for general corporate purposes.

The company intends to use availability created on its revolver and cash on hand to repay $100 million of notes payable under the Bond Backed Asset Trust due through 2023 and $175 million of 7 7/8% notes due May 15, 2003

The issuer is a holding company for U-Haul International, Inc., Amerco Real Estate Company, Republic Western Insurance Company and Oxford Life Insurance Company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.