U-Haul Parent Reaches Credit Deal with Merrill Lynch

July 7, 2005 6:00 AM, EDT

Amerco, the parent company of truck renting firm U-Haul, said Wednesday it had reached an agreement with Merrill Lynch Commercial Finance Corp. on a new revolving credit facility.

The Reno, Nev.-based company said in a statement the five-year, $150 million credit deal was “part of its overall financing objectives.”

The credit facility was being secured by rental trucks owned by the company and “will be used for working capital and capital acquisitions, Amerco said.

Amerco emerged from Chapter 11 bankruptcy protection in March 2004.