Amerco starts roadshow Tuesday for $275 million seven-year notes

By Paul A. Harris

St. Louis, Mo., Sept. 30 - The roadshow starts Tuesday for Amerco's offering of $275 million of senior notes due 2009 (Ba2), according to a syndicate source, The deal is expected to price during the week of Oct. 7, the source added.

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 have a make-whole call for the first four years and a regular premium call after that.

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

The company intends to use the availability created under the revolver and cash on hand to repay its $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 subsidiaries U-Haul International, Inc., Amerco Real Estate Company, Republic Western Insurance Co. and Oxford Life Insurance Co.

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