Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading timeshare sales, marketing and resort management company, today announced that it has amended, restated, and extended by one year its existing timeshare receivables purchase facility with Branch Banking and Trust Company (“BB&T”).
The amended and restated facility provides for the financing of Bluegreen’s timeshare receivables at an advance rate of 67.5% through the revolving advance period, which was extended to December 17, 2012, subject to the terms of the facility, eligible collateral and customary terms and conditions. The facility allows for maximum outstanding borrowings of $50.0 million and matures 36 months after the revolving advance period has expired, or earlier as provided under the facility. The facility is non-recourse and is not guaranteed by Bluegreen. As of October 14, 2011, the outstanding balance and availability under the facility were $20.3 million and $29.7 million, respectively.
Tony Puleo, Bluegreen’s Senior Vice President, Chief Financial Officer and Treasurer, commented, “We value our relationship with BB&T, and appreciate their continuing support.”
Additional details regarding the BB&T facility are available in a Form 8-K filed by Bluegreen with the Securities and Exchange Commission on October 19, 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.