Amerco, the Reno-based parent company of U-Haul, said last week it accepted a proposal for a new four-year, senior secured credit facility that would allow the company to borrow up to $865.75 million.
Amerco said it would use the money to finance some of its debt and provide working capital.
The credit facility has been proposed by a syndicate led by Foothill Capital Corp., a subsidiary of Wells Fargo & Co.
The deal is expected to close in May.
Joe Shoen, chairman of Amerco, said the beleaguered company is committed to repaying its lenders and restoring itself to investment-grade status.
Shoen said the company is also negotiating $400 million to $500 million in additional financing and that he expects to be able to make an announcement soon.
He said Amerco officials are pleased that lenders are looking at the company's ability to generate significant cash flow.
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