Amerco to miss preferred dividend

New York, Nov. 12 0 Amerco said it will not make the dividend payment due Dec. 1 on its 8½% preferred stock series A.

The Reno, Nev. company, the parent of U-Haul International, Inc., said it will resume preferred stock payments once it completes the reorganization of its balance sheet currently under discussion with bondholders and lenders.

Amerco said it expects to complete the restructuring by the end of the fiscal year on March 31, 2003.

Amerco began the discussions following its failed attempt to sell a bond issue in October.

It has already temporarily suspended the payment due Oct. 15 on its series 1997-C Bond Backed Asset Trust.

To advise on its examination of alternatives, Amerco said it hired Crossroads, LLC as financial advisor.

At the time, Amerco said it intends to refinance its three-year credit agreement and will continue to make interest payments to its banks.

Amerco had attempted to sell a Rule 144A offering of $275 million of senior notes due 2009 earlier this month but postponed it on Oct. 10 citing "current adverse conditions in the high yield market."

Joint bookrunners for the offering had been Credit Suisse First Boston and Merrill Lynch & Co.

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