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Borrowings | 12 Months Ended
--- | ---
Mar. 31, 2014
Debt Disclosure [Abstract] |
Borrowings | Long-Term Debt Long-term debt was as follows:
|  |  |  |  | March 31,
| 2014 Rate (a) |  | Maturities |  | 2014 |  | 2013
|  |  |  |  | (In thousands)
Real estate loan (amortizing term) | 1.66% - 6.93% |  | 2023 | $ | 250,000 | $ | 235,000
Real estate loan (amortizing term) | - |  | - |  | - |  | 24,630
Real estate loan (revolving credit) | - |  | 2015 |  | - |  | -
Senior mortgages | 2.67% - 5.75% |  | 2015 - 2038 |  | 684,915 |  | 556,522
Working capital loan (revolving credit) | - |  | 2016 |  | - |  | -
Fleet loans (amortizing term) | 1.95% - 5.57% |  | 2015 - 2021 |  | 370,394 |  | 361,079
Fleet loan (securitization) | 4.90% |  | 2017 |  | 90,793 |  | 190,801
Fleet loan (revolving credit) | 1.65% - 1.91% |  | 2017 - 2018 |  | 89,632 |  | -
Capital leases (rental equipment) | 2.23% - 7.82% |  | 2015 - 2021 |  | 416,750 |  | 273,458
Other obligations | 3.00% - 8.00% |  | 2014 - 2044 |  | 39,875 |  | 20,355
Total notes, loans and leases payable |  |  |  | $ | 1,942,359 | $ | 1,661,845
(a) Interest rate as of March 31, 2014, including the effect of applicable hedging instruments. Real Estate Backed Loans Real Estate Loan Amerco Real Estate Company and certain of its subsidiaries and U-Haul Company of Florida are borrowers under a Real Estate Loan. During the first quarter of fiscal 2014 this loan was amended. As part of the amendment the revolver component of the agreement was terminated and certain collateral was released. The final maturity date of the term loan was extended to April 2023. As of March 31, 2014, the outstanding balance on the Real Estate Loan was $250.0 million. U-Haul International, Inc. is a guarantor of this loan. The Real Estate Loan requires monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. The Real Estate Loan is secured by various properties owned by the borrowers. The interest rate, per the provisions of the amended loan agreement, is the applicable London Inter-Bank Offer Rate (“LIBOR”) plus the applicable margin. At March 31, 2014, the applicable LIBOR was 0.16% and the applicable margin was 1.50%, the sum of which was 1.66% which applied to $25.8 million of the Real Estate Loan. The rate on the remaining balance of $224.2 million of the Real Estate Loan is hedged with an interest rate swap fixing the rate at 6.93% based on current margin. The default provisions of the Real Estate Loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Amerco Real Estate Company and a subsidiary of U-Haul International, Inc. entered into a term loan facility with an initial availability of $26.1 million and a final maturity of June 2016. This note was paid in full in March 2014. Amerco Real Estate Company and U-Haul Company of Florida entered into a revolving credit agreement for $50.0 million. This agreement has a maturity of April 2015. As of March 31, 2014, we had the full $50.0 million available to be drawn. The interest rate is the applicable LIBOR plus a margin of 1.25%. AMERCO and U-Haul International, Inc. are guarantors of this facility. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. Senior Mortgages Various subsidiaries of Amerco Real Estate Company and U-Haul International, Inc. are borrowers under certain senior mortgages. These senior mortgage loan balances as of March 31, 2014 were in the aggregate amount of $684.9 million and mature between 2015 and 2038. The senior mortgages require average monthly principal and interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. The senior mortgages are secured by certain properties owned by the borrowers. The fixed interest rates, per the provisions of the senior mortgages, range between 4.90% and 5.75%. Additionally, $98.3 million of these loans have an interest rate comprised of an applicable LIBOR of 0.16% plus a margin of 2.50%, the sum of which was 2.66%. Amerco Real Estate Company and U-Haul International, Inc. have provided limited guarantees of the senior mortgages. The default provisions of the senior mortgages include non-payment of principal or interest and other standard reporting and change-in-control covenants. There are limited restrictions regarding our use of the funds. Working Capital Loans Amerco Real Estate Company is a borrower under an asset backed working capital loan. The maximum amount that can be drawn at any one time is $25.0 million. At March 31, 2014, we had the full $25.0 million available to be drawn. This loan is secured by certain properties owned by the borrower. This loan agreement provides for revolving loans, subject to the terms of the loan agreement. This agreement has a maturity of April 2016. This loan requires monthly interest payments with the unpaid loan balance and accrued and unpaid interest due at maturity. U-Haul International, Inc. and AMERCO are the guarantors of this loan. The default provisions of the loan include non-payment of principal or interest and other standard reporting and change-in-control covenants. The interest rate, per the provision of this loan agreement, is the applicable LIBOR plus a margin of 1.25%. Fleet Loans Rental Truck Amortizing Loans U-Haul International, Inc. and several of its subsidiaries are borrowers under amortizing term loans. The balance of the loans as of March 31, 2014 was $255.4 million with the final maturities between May 2015 and March 2021. The Amortizing Loans require monthly principal and interest payments, with the unpaid loan balance and accrued and unpaid interest due at maturity. These loans were used to purchase new trucks. The interest rates, per the provision of the Loan Agreements, are the applicable LIBOR plus the applicable margins. At March 31, 2014, the applicable LIBOR was between 0.15% and 0.16% and applicable margins were between 1.35% and 2.50%. The interest rates are hedged with interest rate swaps fixing the rates between 2.82% and 5.57% based on current margins. Additionally, $112.0 million of these loans are carried at fixed rates ranging between 1.95% and 3.94%. AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. A subsidiary of U-Haul International, Inc. is a borrower under amortizing term loans with an aggregate balance of $115.0 million that were used to fund new truck acquisitions. The final maturity date of these notes is August 2016. The agreements contain options to extend the maturity through May 2017. These notes are secured by the purchased equipment and the corresponding operating cash flows associated with their operation. These notes have fixed interest rates between 3.52% and 3.53%. At March 31, 2014, the aggregate outstanding balance was $115.0 million. AMERCO and U-Haul International, Inc. are guarantors of these loans. The default provisions of these loans include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Securitizations U-Haul S Fleet and its subsidiaries (collectively, “USF”) issued a $217.0 million asset-backed note (“2007 Box Truck Note”) on June 1, 2007 to finance new box truck purchases throughout fiscal 2008. This note was paid in full in November 2013. 2010 U-Haul S Fleet and its subsidiaries (collectively, “2010 USF”) issued a $155.0 million asset-backed note (“2010 Box Truck Note”) on October 28, 2010. 2010 USF is a bankruptcy-remote special purpose entity wholly-owned by U-Haul International, Inc. The net proceeds from the securitized transaction were used to finance new box truck purchases. U.S. Bank, NA acts as the trustee for this securitization. The 2010 Box Truck Note has a fixed interest rate of 4.90% with an expected final maturity of October 2017. At March 31, 2014, the outstanding balance was $90.8 million. The note is secured by the box trucks purchased and the corresponding operating cash flows associated with their operation. The 2010 Box Truck Note is subject to certain covenants with respect to liens, additional indebtedness of the special purpose entity, the disposition of assets and other customary covenants of bankruptcy-remote special purpose entities. The default provisions of this note include non-payment of principal or interest and other standard reporting and change-in-control covenants. Rental Truck Revolvers Various subsidiaries of U-Haul International, Inc. entered into a revolving fleet loan for $75 million, which can be increased to a maximum of $225 million. The loan matures in October 2018. The interest rate, per the provision of the Loan Agreement, is the applicable LIBOR plus the applicable margin. At March 31, 2014, the applicable LIBOR was 0.16% and the margin was 1.75%, the sum of which was 1.91%. Only interest is paid during the first four years of the loan with principal due monthly over the last nine months. As of March 31, 2014, we had $29.4 million available to be drawn. Various subsidiaries of U-Haul International, Inc. entered into a revolving fleet loan for $100 million, which can be increased to a maximum of $125 million. The loan matures in October 2017. The interest rate, per the provision of the Loan Agreement, is the applicable LIBOR plus the applicable margin. At March 31, 2014, the applicable LIBOR was 0.15% and the margin was 1.50%, the sum of which was 1.65%. Only interest is paid during the first three years of the loan with principal due monthly over the last nine months. As of March 31, 2014, we had $56.0 million available to be drawn. Capital Leases We entered into capital leases for new equipment between April 2008 and March 2014, with terms of the leases between 3 and 7 years. At March 31, 2014, the balance of these leases was $416.8 million. The net book value of the corresponding capitalized assets was $453.6 million at March 31, 2014. Other Obligations In February 2011, the Company and US Bank, National Association (the “Trustee”) entered into the U-Haul Investors Club Indenture. The Company and the Trustee entered into this indenture to provide for the issuance of notes by us directly to investors over our proprietary website, uhaulinvestorsclub.com (“U-Notes”). The U-Notes are secured by various types of collateral including rental equipment and real estate. U-Notes are issued in smaller series that vary as to principal amount, interest rate and maturity. U-Notes are obligations of the Company and secured by the associated collateral; they are not guaranteed by any of the Company's affiliates or subsidiaries. At March 31, 2014, the aggregate outstanding principal balance of the U-Notes issued was $47.0 million of which $7.1 million is with our insurance subsidiaries with interest rates between 3.00% and 8.00% and maturity dates between 2014 and 2044. Annual Maturities of Notes, Loans and Leases Payable The annual maturities of long-term debt as of March 31, 2014 for the next five years and thereafter are as follows:
|  | Year Ended March 31,
|  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | Thereafter
|  | (In thousands)
Notes, loans and leases payable, secured | $ | 163,562 | $ | 589,368 | $ | 395,013 | $ | 217,451 | $ | 146,399 | $ | 430,566

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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