Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading timeshare sales, marketing and resort management company, today announced that it has entered into a $30.0 million revolving timeshare receivables hypothecation facility (the “Facility”) with CapitalSource Bank. The Facility provides for advances on eligible receivables pledged under the Facility during a two-year revolving credit period ending in September 2013, subject to specified terms and conditions.
Tony Puleo, Bluegreen’s Senior Vice President, Chief Financial Officer and Treasurer, commented, “CapitalSource understands our industry, and we are looking forward to our relationship. We appreciate their support, which will allow us to continue to advance our diversified business model and further enhance our liquidity.”
Additional details regarding the Facility are available in a Form 8-K filed by Bluegreen with the Securities and Exchange Commission on September 26, 2011.
ABOUT BLUEGREEN CORPORATION
Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is a leading timeshare sales, marketing and resort management company. Bluegreen Resorts manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 160,000 owners, over 57 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. 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 risk that the Facility may not be available pursuant to its terms or at all, and the risks and other factors detailed in Bluegreen’s filings with the Securities & Exchange Commission.