8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2005

AMERCO

(Exact Name of Registrant as Specified in Charter)

Nevada	1-11255	88-0106815
(State or Other Jurisdiction of Incorporation)	Commission File Number	IRS Employer Identification No.

1325 Airmotive Way, Ste. 100, Reno, Nevada 89502-3239

(Address of Principal Executive Offices)(Zip Code)

(775) 688-6300

(Registrant's telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry into a Material Definitive Agreement

On May 9, 2005, various subsidiaries of AMERCO received Loan Commitments from Merrill Lynch Commercial Finance Corporation, Merril Lynch Mortgage Lending, Inc. and Morgan Stanley Mortgage Capital, Inc. The description of the foregoing matters is not complete and is qualified in its entirety by the full text of such agreements and documents, that are filed as exhibits hereto and incorporated by reference herein. The Loan Commitments are attached as exhibits 10.5, 10.1. and 10.4.

Item 1.02. Termination of a Material Definitive Agreement

On May 9, 2005, and in connection with the acceptance of the above mentioned Loan Commitments, AMERCO notified Wells Fargo Foothill, Inc., the administrative agent for its Loan and Security Agreement, and Wells Fargo Bank, N.A., the trustee for its 9% Second Lien Senior Secured Notes due 2009, and on May 12, 2005 AMERCO notified The Bank of New York, the trustee for its 12% Senior Subordinated Notes due 2011, that it is exercising its right to terminate, redeem and prepay the principal and accrued and unpaid interest under the respective terms of the Loan and Security Agreement and the Note Agreements. AMERCO will incur a one-time charge of approximately $34 million to pre-tax earnings in the first quarter of fiscal 2006 associated with early payment of the existing loans. These Notices are attached as exhibits 10.2, 10.3 and 10.6.

On May 12, 2005, AMERCO issued a press release announcing its refinancing plans, which is attached as exhibit 10.7.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 13, 2005

AMERCO

/s/ Jack A. Peterson                                                         

Jack A. Peterson, Chief Financial Officer of AMERCO

EX-10.1

Exhibit 10.1

EX-10.2

Exhibit 10.2

EX-10.3

Exhibit 10.3

EX-10.4

Final Morgan Commitment - Document 1

EX-10.5

Merrill Lynch Commitment

EX-10.6

Notice of Redemption of Notes - Bank of New York

EX-10.7

Exhibit 10.7

FOR IMMEDIATE RELEASE

Contact: Jennifer Flachman

AMERCO Investor Relations

(602) 263-6568

Flachman@amerco.com

AMERCO Receives Loan Commitments from Merrill Lynch and Morgan Stanley to Refinance its Debt

Reno, NV, May 12, 2005, AMERCO (Nasdaq: UHAL) announced today that it has received loan commitments from Merrill Lynch and Morgan Stanley to refinance its credit facilities.

The structure, pursuant to the loan commitments, will consist of three asset-backed facilities.

·   $240 million senior mortgage funded by Merrill Lynch

·   $465 million hybrid real estate backed loan funded by Merrill Lynch

·   $260 million senior mortgage funded by Morgan Stanley

“Our refinancing strategy has been to reduce our borrowing costs, assure adequate liquidity and provide financial flexibility for the organization,” stated Gary Horton, treasurer of AMERCO. “The new structure will provide the company with the capital necessary for continued investment and sustainable growth. Furthermore, The structure of the new loan facilities will provide increased flexibility for the company to manage its operations and finances. This positions the company to be able to devote all of its energies toward operating the business. The company also anticipates completing additional fundings in the near future,” concluded Horton.

AMERCO will incur a one-time charge of approximately $34 million to pre-tax earnings in the first quarter of fiscal 2006 associated with early payment of the existing loans. The company anticipates annual interest savings of approximately $25 million based on current borrowing levels.

AMERCO is the parent company of Republic Western Insurance Company, Oxford Life Insurance Company, Amerco Real Estate Company and U-Haul, the nation’s leading do-it-yourself moving company with a network of over 14,900 locations in all 50 United States and 10 Canadian Provinces. Celebrating its 60th year of serving customers, the Company has the largest rental fleet in the world, with over 94,000 trucks, 75,000 trailers and 35,000 tow devices. U-Haul has also been a leader in the storage industry since 1974, with over 340,000 rooms and more than 28.8 million square feet of storage space and over 1,000 facilities throughout North America.

For more information about AMERCO, please visit www.amerco.com

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO’s business and future operating results, please refer to Form 10-Q for the quarter ended December 31, 2004, which is on file with the SEC.