Bluegreen Vacations Renews and Extends $50 million Timeshare Receivables Facility
BOCA RATON, Fla.--(BUSINESS WIRE)-- Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported that on March 12, 2018, the Company amended and restated its revolving timeshare receivables hypothecation facility with Liberty Bank. The restructured revolving credit period will now run through March 2020, maturing in March 2023. This agreement did not impact the maximum permitted outstanding borrowing of $50 million, and as of March 12, 2018, only $22.8 million was outstanding under the facility. Commencing on April 1, 2018, the interest rate on the facility will decrease to the Prime Rate from the Prime Rate plus 0.50%, both subject to a floor of 4.00%. Bluegreen plans to continue to use the facility to finance vacation ownership interest notes receivable.
"This extension to our agreement with Liberty Bank continues and improves a key element of our liquidity profile to fuel growth in our vacation ownership sales," commented Tony Puleo, Bluegreen Vacation's Executive Vice President and Chief Financial Officer. "We value our longstanding relationship with Liberty Bank, and we believe this amended agreement will contribute to the ongoing success of our business model."
Don Peruta, Senior Vice President of Liberty Bank commented, “Liberty Bank is excited to continue our relationship with Bluegreen. We are pleased to play a role in its ongoing success and remain committed to supporting the vacation ownership industry.”
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 213,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of December 31, 2017. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a Florida-based diversified holding company whose activities include its 90% ownership interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar impact. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those set forth or implied by the forward-looking statements, including but not limited to, risks that the Company’s results or performance will differ from that expected, the risk that the terms for drawing on the facility will not be met, and the risk that the Company will not in the future be in compliance with applicable covenants and ratios required by the facility. For a description of other risks and uncertainties, please see the “Risk Factors” section of Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2017. Bluegreen cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.
Jennifer Williams, 561-912-8266
Source: Bluegreen Vacations Corporation
Released April 9, 2018