BBX Capital Corporation Extends $50 Million Line of Credit
July 18 2019 - 4:45PM
Business Wire
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (the
“Company”) announced today that the Company and certain of its
subsidiaries (the “Borrowers”) have modified certain of the terms
and extended the maturity date under its Loan and Security
Agreement in a multi-bank facility led by IberiaBank. The facility,
which provides for a $50 million revolving line of credit, will now
mature on June 30, 2021, unless otherwise amended or extended.
Amounts borrowed under the facility may be used for business
acquisitions, real estate investments, stock repurchases, letters
of credit and general corporate purposes. The Borrowers are
required to comply with certain financial covenants, including,
among others, the maintenance of minimum unencumbered liquidity and
financial ratios related to debt to EBITDA, as well as affirmative
and negative covenants, including those that limit the ability of
the Borrowers to incur additional indebtedness and to make certain
loans and investments.
“We are very pleased to continue our ongoing relationship with
IberiaBank," commented Raymond Lopez, BBX Capital's Chief Financial
Officer.
About BBX Capital
Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX:
BBXTB) is a Florida-based diversified holding company whose
principal investments include Bluegreen Vacations Corporation
(NYSE: BXG), BBX Capital Real Estate, Renin Holdings, and IT’SUGAR.
For additional information, please visit www.BBXCapital.com.
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 217,000 owners, 69 Club and Club Associate Resorts
and access to over 11,000 other hotels and resorts through
partnerships and exchange networks as of March 31, 2019. 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 approximately 90% owned
by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a
diversified holding company. For further information, visit
www.BluegreenVacations.com.
Certain matters within this press release include
"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. 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 projected in the forward-looking statements,
including but not limited to, risks associated with the Company's
future progress and performance, including the risk that the terms
for drawing on the line of credit will not be met or that the
Company will not in the future be in compliance with applicable
covenants and ratios under the Loan. For a description of risks
relating to the payment of dividends as well as other risks and
uncertainties, please review the "Risk Factors" section and other
information contained in the Company's Annual Report on Form 10-K
for the year ended December 31, 2018 and its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2019, filed with the
Securities and Exchange Commission, and available on the SEC's
website, https://www.sec.gov, and on BBX Capital's website,
www.BBXCapital.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190718005801/en/
BBX Capital Corporation Contact
Info: Investor Relations:
Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300 Email: LHinkley@BBXCapital.com
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