Bluegreen Corporation Completes $107.6 Million Term Securitization

Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, announced today that on December 17, 2010 it completed a private offering and sale of $107.6 million of investment-grade, timeshare loan-backed securities (the "2010-A Term Securitization"). The 2010-A Term Securitization issued $88.0 million of A rated and $19.6 million of BBB rated timeshare-loan backed notes with coupons of 5.1% and 7.5%, respectively, which blended to a weighted average coupon of 5.5%. The advance rate for this transaction was 85.25%. BB&T Capital Markets acted as the sole placement agent and initial purchaser.

The amount of the receivables sold totaled $126.2 million, substantially all of which was provided at closing. The gross proceeds of $107.6 million were used to: repay Branch Banking and Trust (“BB&T”) approximately $93.6 million, representing all amounts currently outstanding under the Company’s existing receivables purchase facility with BB&T (the “BB&T Purchase Facility”), including accrued interest; capitalize a reserve fund; and pay fees and expenses associated with the transaction. The remainder of the proceeds, approximately $9.9 million, will be used for general corporate purposes.

Tony Puleo, Bluegreen’s Senior Vice President, Chief Financial Officer, and Treasurer, commented, “In September 2010, after completing the BXG Legacy term securitization consisting of certain lower-FICO® scored loans originated prior to implementing our FICO® score-based credit underwriting program in December 2008, we stated our intent to pursue a securitization of the eligible remaining loans in the BB&T Purchase Facility. These remaining loans were sold in the 2010-A Term Securitization. Importantly, with a weighted-average FICO score of approximately 716, the loans included in the 2010-A Term Securitization are more consistent with what we believe is the higher quality of receivables that Bluegreen has been originating during the past two years. We believe that the successful completion of the 2010-A Term Securitization marks our return to being a regular issuer in the securitization markets.”

Mr. Puleo concluded, “The attractive credit profile of our loan portfolio and a low interest rate environment allowed us to structure a transaction on favorable terms. We appreciate the continued support of our asset-backed securities investors in helping us secure additional liquidity in support of our business objectives.”

While ownership of the receivables included in the 2010-A Term Securitization is transferred and sold for legal purposes, the transfer of these receivables will be accounted for as a financing for financial accounting purposes.

The securities sold in the 2010-A Term Securitization have not been registered under the Securities Act and may not be offered or sold except in reliance on an exemption from such registration requirements. All of such securities having been sold, this announcement of their sale appears as a matter of record only.


Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is the leader in providing Colorful Places to Live and Play® through its vacation ownership resort and residential real estate businesses. Bluegreen Resorts manages, markets and sells the Bluegreen Vacation Club, a flexible, real estate-based vacation ownership plan with more than 160,000 owners, over 56 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen Communities has developed master-planned residential and golf communities primarily in the southern and southeastern U.S., and has sold over 55,000 homesites. We also offer a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, customer generation and sales solutions to third-party developers and lenders. For more information, visit

Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to: the risks and uncertainties associated with the risk that the BB&T purchase facility may not be available pursuant to its terms or at all; the risk that the Company may not be able to successfully securitize additional timeshare loans and/or obtain adequate receivable credit facilities in the future; the risk that the quality of our receivables will not be attractive in the future or may deteriorate and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 31, 2010, and most recent Form 10-Q filed on November 9, 2010.


Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here