# EDGAR Filing Document

**Accession Number:** 0000004457
**File Stem:** 0000004457-23-000008
**Filing Date:** 2023-2
**Character Count:** 18024
**Document Hash:** 90b612ece4a88199e060732ab488557f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004457-23-000008.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000004457-23-000008

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U-Haul Holding Co /NV/
- **CENTRAL INDEX KEY:** 0000004457
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
- **IRS NUMBER:** 880106815
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268891
- **FILM NUMBER:** 23597248

**BUSINESS ADDRESS:**
- **STREET 1:** 5555 KIETZKE LANE STE 100
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511
- **BUSINESS PHONE:** 7756886300

**MAIL ADDRESS:**
- **STREET 1:** 5555 KIETZKE LANE
- **STREET 2:** SUITE 100
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERCO /NV/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERCO
- **DATE OF NAME CHANGE:** 19770926

**Filed Pursuant to Rule 424(b)(5)** 

**Registration Statement No. 333-268891** 

**Amendment No. 1 Dated February 8, 2023**

**To Prospectus Supplement Dated December 20, 2022**

**(To Prospectus dated December 20, 2022)**

**Up to $5,814,000**

![](image1.jpg)

**Fixed Rate Secured Notes Series UIC-22L, 23L, 24L, 25L, 26L, 27L, 28L, 29L, 30L, 31L, 32L, and 33L** 

**___________**

This Amendment No. 1 to Prospectus Supplement (this "Amendment") amends the prospectus supplement dated December 20, 2022 (the "Prospectus Supplement"). This Amendment should be read in conjunction with the Prospectus Supplement and the prospectus dated December 20, 2022, each of which are to be delivered with this Amendment. This Amendment amends only those sections of the Prospectus Supplement listed in this Amendment; all other sections of the Prospectus Supplement remain as is.

U-Haul Holding Company, (f/k/a AMERCO), is offering up to $5,814,000 aggregate principal amount of its Fixed Rate Secured Notes Series UIC-22L, 23L, 24L, 25L, 26L, 27L, 28L, 29L, 30L, 31L, 32L, and 33L (the "notes"). The notes will be issued over a period of time and from time to time, in up to twelve separate series, with each series having one or more separate sub-series, bearing a unique interest rate and term as provided herein. As notes are offered, prospective investors shall have the opportunity to select the series and sub-series of notes for which such prospective investor is subscribing. The notes are fully amortizing. Principal and interest on the notes will be credited to each holder's U-Haul Investors Club® account in arrears every three months, beginning three months from the issue date of the first subseries of notes issued to any investor under such respective subseries, and shall be based on the actual number of days the holder is invested in such notes during such quarter.

In all cases subject to collateral removal as provided herein, the notes issued under Series UIC-22L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-23L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-24L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-25L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-26L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-27L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-28L will be secured by a first priority security interest and lien on up to 150,400 specified U-Haul® Furniture Pads manufactured in fiscal year 2022; the notes issued under Series UIC-29L will be secured by a first priority security interest and lien on up to 150,900 specified U-Haul® Furniture Pads manufactured

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

in fiscal year 2022; the notes issued under Series UIC-30L will be secured by a first priority security interest and lien on up to 893 specified U-Haul® Wooden AA U-Box Containers manufactured in 2011; the notes issued under Series UIC-31L will be secured by a first priority security interest and lien on up to 893 specified U-Haul® Wooden AA U-Box Containers manufactured in 2011; the notes issued under Series UIC-32L will be secured by a first priority security interest and lien on up to 893 specified U-Haul® Wooden AA U-Box Containers manufactured in 2011; the notes issued under Series UIC-33L will be secured by a first priority security interest and lien on up to 894 specified U-Haul® Wooden AA U-Box Containers manufactured in 2011.

The notes issued under UIC-22L, 23L, 24L, 25L, 26L, 27L, 28L, 29L, 30L, 31L, 32L, and 33L are not cross-collateralized or cross-defaulted to one another.

Each series of notes may be issued in subseries, and each such subseries may have a different term and interest rate than the term and interest rate issued under other series or subseries. Notes issued under the following terms shall have the following respective interest rates:

**Terms Proposed interest rates for the new prospectus supplement**

2-Year term: 4.70%

3-Year term: 4.75%

4-Year term: 4.80%

5-Year term: 4.85%

6-Year term: 4.90%

7-Year term: 4.95%

8-Year term: 5.00%

No underwriter or other third-party has been engaged to facilitate the sale of the notes in this offering.

**___________**

*The notes are not savings accounts, deposit accounts or money market funds. The notes are not guaranteed or insured by the Federal Deposit Insurance Corporation, the Federal Reserve or any other governmental agency.*

***See "Risk Factors" beginning on page S-8 of the Prospectus Supplement to read about important facts you should consider before buying the notes.***

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of the Prospectus Supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.**

**___________**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>Per Note</u> | &nbsp;&nbsp; <u>Total</u> |
| &nbsp;&nbsp; Offering Price | &nbsp;&nbsp; 100% | &nbsp;&nbsp; $5814000 |
| &nbsp;&nbsp; Proceeds to U-Haul Holding Company (before expenses) | &nbsp;&nbsp; 100% | &nbsp;&nbsp; $5814000 |

---

The notes are being issued in uncertificated book-entry form only, and will not be listed on any

securities exchange.

**___________**

The date of this Amendment No. 1 to Prospectus Supplement is February 8, 2023

**EXPLANATORY NOTE**

This Amendment is being filed to amend and restate in its entirety the section "*Summary Selected Consolidated Financial Information*" of the Prospectus Supplement to correct a misstatement of our historical earnings per share data using the two-class method for our voting common stock and our non-voting common stock following our 9-to-1 stock dividend during fiscal year 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

The following amendments to the Prospectus Supplement are made by this Amendment:

The section "*Summary Selected Consolidated Financial Information*" of the Prospectus Supplement is hereby deleted and replaced in its entirety as follows:

**SUMMARY SELECTED CONSOLIDATED FINANCIAL INFORMATION**

The following tables set forth summary historical consolidated financial information for U-Haul Holding Company and its consolidated subsidiaries as of and for the years ended March 31, 2022, 2021, 2020, 2019 and 2018 and for the six-months ended September 30, 2022 and 2021. You should read this summary of selected consolidated financial information together with Management's Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and related notes in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2022 and September 30, 2022, which are incorporated by reference herein.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) |
|  *Summary of Operations:* |  |  |  |  |  |
|  Self-moving equipment rentals | $3958807 | $3083317 | $2692413 | $2653497 | $2479742 |
|  Self-storage revenues | 617120 | 477262 | 418741 | 367276 | 323903 |
|  Self-moving and self-storage products and service sales | 351447 | 344929 | 265091 | 264146 | 261557 |
|  Property management fees | 35194 | 31603 | 30406 | 29148 | 29602 |
|  Life insurance premiums | 111027 | 121609 | 127976 | 63488 | 154703 |
|  Property and casualty insurance premiums | 86518 | 68779 | 66053 | 60853 | 57100 |
|  Net investment and interest income | 148261 | 122938 | 137829 | 110934 | 110473 |
|  Other revenue | 431373 | 291548 | 240359 | 219365 | 184034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 5739747 | 4541985 | 3978868 | 3768707 | 3601114 |
|  Operating expenses | 2676541 | 2187684 | 2117148 | 1981180 | 1807056 |
|  Commission expenses | 429581 | 329609 | 288332 | 288408 | 276705 |
|  Cost of sales | 259585 | 214059 | 164018 | 162142 | 160489 |
|  Benefits and losses | 186647 | 179512 | 174836 | 100277 | 185311 |
|  Amortization of deferred policy acquisition costs | 33854 | 28293 | 31219 | 28556 | 24514 |
|  Lease expense | 29910 | 28470 | 26882 | 33158 | 33960 |
|  Depreciation, net gains on disposals (a) | 482752 | 609930 | 637063 | 554043 | 543247 |
|  Net (gains) losses on disposal of real estate | (4120) | 3281 | (758) | (44) | (195414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 4094750 | 3580838 | 3438740 | 3147720 | 2835868 |
|  Earnings from operations | 1644997 | 961147 | 540128 | 620987 | 765246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other components of net periodic benefit costs | (1120) | (987) | (1054) | (1013) | (927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (167424) | (163502) | (160950) | (142445) | (126706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees and amortization on early extinguishment of debt | (956) | – | – | – | – |
|  Pretax earnings | 1475497 | 796658 | 378124 | 477529 | 637613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit (expense) | (352211) | (185802) | 63924 | (106672) | 152970 |
|  Earnings available to common stockholders | $1123286 | $610856 | $442048 | $370857 | $790583 |
|  Basic and diluted earnings per share of Common Stock | $7.08 | $5.37 | $3.15 | $3.69 | $5.83 |
|  Weighted average shares outstanding of Common Stock: Basic and diluted | 19607788 | 19607788 | 19603708 | 19592048 | 19.588.889 |
|  Basic and diluted earnings per share of Series N Non-Voting Common Stock | $5.58 | $2.87 | $2.15 | $1.69 | $3.83 |
|  Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted | 176470092 | 176470092 | 176433375 | 176328429 | 176300000 |
|  Cash dividends declared and accrued Common stock | 29412 | 49019 | 19608 | 39180 | 39175 |
|  *Balance Sheet Data:* |  |  |  |  |  |
|  Property, plant and equipment, net | $9625850 | $8330615 | $7843060 | $7933971 | $6816741 |
|  Total assets | 17299581 | 14651606 | 13438024 | 11891713 | 10747422 |
|  Notes, loans and finance/capital leases payable, net | 6022497 | 4668907 | 4621291 | 4163323 | 3513076 |
|  Stockholders' equity  | 5885283 | 4851882 | 4220720 | 3692389 | 3408708 |
|  (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. | (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. | (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. | (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. | (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. | (a) Net (gains) losses were ($214.2) million, ($54.1) million, ($27.1) million, ($27.0) million and ($11.8) million for fiscal 2022, 2021, 2020, 2019 and 2018, respectively. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended September 30,** | &nbsp;&nbsp; **Six Months Ended September 30,** |
|  | &nbsp;&nbsp; **2022** | &nbsp;&nbsp; **2021** |
|  | &nbsp;&nbsp; (Unaudited) | &nbsp;&nbsp; (Unaudited) |
|  | &nbsp;&nbsp; (In thousands, except share and per share data) | &nbsp;&nbsp; (In thousands, except share and per share data) |
| &nbsp;&nbsp; ***Summary of Operations:*** |  |  |
| &nbsp;&nbsp; Self-moving equipment rentals | $&nbsp;&nbsp; 2252800  | $&nbsp;&nbsp; 2214438  |
| &nbsp;&nbsp; Self-storage revenues | &nbsp;&nbsp; 358763  | &nbsp;&nbsp; 290878  |
| &nbsp;&nbsp; Self-moving and self-storage products and service sales | &nbsp;&nbsp; 206215  | &nbsp;&nbsp; 197076  |
| &nbsp;&nbsp; Property management fees | &nbsp;&nbsp; 18416  | &nbsp;&nbsp; 17196  |
| &nbsp;&nbsp; Life insurance premiums | &nbsp;&nbsp; 51237  | &nbsp;&nbsp; 57618  |
| &nbsp;&nbsp; Property and casualty insurance premiums | &nbsp;&nbsp; 45690  | &nbsp;&nbsp; 39368  |
| &nbsp;&nbsp; Net investment and interest income | &nbsp;&nbsp; 64082  | &nbsp;&nbsp; 71779  |
| &nbsp;&nbsp; Other revenue | &nbsp;&nbsp; 303501  | &nbsp;&nbsp; 248757  |
| &nbsp;&nbsp; Total revenues | &nbsp;&nbsp; 3300704  | &nbsp;&nbsp; 3137110  |
| &nbsp;&nbsp; Operating expenses | &nbsp;&nbsp; 1544761  | &nbsp;&nbsp; 1310603  |
| &nbsp;&nbsp; Commission expenses | &nbsp;&nbsp; 243834  | &nbsp;&nbsp; 241045  |
| &nbsp;&nbsp; Cost of sales | &nbsp;&nbsp; 152296  | &nbsp;&nbsp; 136406  |
| &nbsp;&nbsp; Benefits and losses | &nbsp;&nbsp; 81463  | &nbsp;&nbsp; 91928  |
| &nbsp;&nbsp; Amortization of deferred policy acquisition costs | &nbsp;&nbsp; 14644  | &nbsp;&nbsp; 15573  |
| &nbsp;&nbsp; Lease expense | &nbsp;&nbsp; 15159  | &nbsp;&nbsp; 15088  |
| &nbsp;&nbsp; Depreciation, net of gains on disposal of $128,690 and $86,398, respectively | &nbsp;&nbsp; 231114  | &nbsp;&nbsp; 257465  |
| &nbsp;&nbsp; Net (gains) losses on disposal of real estate | &nbsp;&nbsp; 4179  | &nbsp;&nbsp; (3907) |
| &nbsp;&nbsp; Total costs and expenses | &nbsp;&nbsp; 2287450  | &nbsp;&nbsp; 2064201  |
| &nbsp;&nbsp; Earnings from operations | &nbsp;&nbsp; 1013254  | &nbsp;&nbsp; 1072909  |
| &nbsp;&nbsp; Other components of net periodic benefit costs | &nbsp;&nbsp; (608) | &nbsp;&nbsp; (560) |
| &nbsp;&nbsp; Interest expense | &nbsp;&nbsp; (106992) | &nbsp;&nbsp; (78723) |
| &nbsp;&nbsp; Fees on early extinguishment of debt | &nbsp;&nbsp; (959) | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; Pretax earnings | &nbsp;&nbsp; 904695  | &nbsp;&nbsp; 993626  |
| &nbsp;&nbsp; Income tax expense | &nbsp;&nbsp; (218678) | &nbsp;&nbsp; (238553) |
| &nbsp;&nbsp; Earnings available to common stockholders | $&nbsp;&nbsp; 686017  | $&nbsp;&nbsp; 755073  |
| &nbsp;&nbsp; Basic and diluted earnings per share of Common Stock | $&nbsp;&nbsp; 4.40  | $&nbsp;&nbsp; 4.75 |
| &nbsp;&nbsp; Weighted average shares outstanding of Common Stock: Basic and diluted | &nbsp;&nbsp; 19607788 | &nbsp;&nbsp; 19607788 |
| &nbsp;&nbsp; Basic and diluted earnings per share of Series N Non-Voting Common Stock | $&nbsp;&nbsp; 3.40  | $&nbsp;&nbsp; 3.75  |
| &nbsp;&nbsp; Weighted average shares outstanding of Series N Non-Voting Common Stock: Basic and diluted | &nbsp;&nbsp; 176470092 | &nbsp;&nbsp; 176470092 |
| &nbsp;&nbsp; ***Balance Sheet Data:*** |  |  |
| &nbsp;&nbsp; Property, plant and equipment, net | $&nbsp;&nbsp; 10468676 | $&nbsp;&nbsp; 8890913 |
| &nbsp;&nbsp; Total assets | &nbsp;&nbsp; 18143343 | &nbsp;&nbsp; 16337228 |
| &nbsp;&nbsp; Notes, loans and financial leases payable, net | &nbsp;&nbsp; 6298831 | &nbsp;&nbsp; 5335278 |
| &nbsp;&nbsp; Stockholders' equity  | &nbsp;&nbsp; 6313187 | &nbsp;&nbsp; 5554697 |

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As a result of the 9-to-1 stock dividend during fiscal year 2023, all historical earnings per share data and number of shares outstanding were retroactively adjusted using the two-class method for our common stock and our non-voting common stock.

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