Bluegreen Corporation Increases and Extends Timeshare Receivables Purchase Facility

Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, announced today that it has both increased the limit of and extended the revolving advance period under its existing timeshare receivables purchase facility with Branch Banking and Trust Company (“BB&T”).

On September 7, 2010, Bluegreen announced that it had extended by one year, through August 31, 2011, the revolving advance period under its existing timeshare receivables purchase facility with BB&T. This facility allowed for the sale of notes receivable for a cumulative purchase price of up to $125 million on a revolving, non-recourse basis, pursuant to the terms of the facility and subject to certain conditions precedent. Under the prior terms, in the event a future take-out financing of the loans in the BB&T facility were to occur, the facility limit would be reduced to $50 million through the August 31, 2011 expiration date. Bluegreen’s 2010-A Term Securitization, which, as previously announced, closed on December 17, 2010, constituted such a take out financing of the BB&T facility.

On December 17, 2010, BB&T agreed to increase the facility limit to a revolving $75 million from the originally contemplated $50 million, and the revolving advance period was extended to December 17, 2011 from August 31, 2011. In addition, BB&T agreed to lower the interest rates on future advances under the renewed facility. The new interest rates are the Prime rate plus 2.0%, subject to tiered increases once the outstanding balance equals or exceeds $25 million up to a maximum interest rate of the Prime rate plus 3.5% once the facility equals or exceeds $50 million. In addition, Bluegreen will now receive all of the excess cash flows generated by the receivables transferred to BB&T under the facility (excess meaning after customary payment of fees, interest and principal under the facility), rather than sharing such excess cash flows equally with BB&T as an accelerated payment under the facility. All other terms of the BB&T facility are substantially unchanged. With the closing of the 2010-A Securitization, the entire $75 million BB&T facility is available, subject to eligible collateral and customary terms and conditions.

Tony Puleo, Bluegreen’s Senior Vice President, Chief Financial Officer and Treasurer, commented, “We appreciate the continued relationship with BB&T and believe that the favorable revision of the terms under this existing facility provides additional liquidity to support our ongoing business objectives.”

ABOUT BLUEGREEN CORPORATION

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 www.bluegreencorp.com.

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; 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.

Contacts:

Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
INVESTOR RELATIONS:
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
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