Bluegreen Vacations Corporation Enters Into $225.0 Million Syndicated Corporate Credit Facility
October 29 2019 - 6:30AM
Business Wire
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) ("BBX
Capital"), announced that Bluegreen Vacations Corporation (NYSE:
BXG), which is 90% owned by BBX Capital, issued the following press
release. Please see the Bluegreen press release below.
BBX Capital Corporation Investor Relations Contact: Leo
Hinkley, Managing Director, Investor Relations Officer Phone:
954-940-5300 Email: LHinkley@BBXCapital.com
---------
Bluegreen Vacations Corporation Enters Into
$225.0 Million Syndicated Corporate Credit Facility
BOCA RATON, Florida (October 28, 2019) – Bluegreen Vacations
Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today
reported that on October 23, 2019, Bluegreen amended and restated
its syndicated credit facility led by Fifth Third Bank (“Fifth
Third”).
The amended credit facility is a $225.0 million syndicated
credit facility which includes a $100.0 million term loan with
quarterly amortization requirements and a $125.0 million revolving
line of credit. The agreement increases the amount allowed for
borrowings by $125.0 million compared to the prior facility.
Amounts borrowed under the amended credit facility generally bear
interest at a rate of LIBOR plus 2.00-2.50%, depending on
Bluegreen’s leverage ratio, which is a significant reduction from
the rates in effect for the prior facility.
As of the date of this release, outstanding borrowings under the
credit facility totaled $130.0 million, including the $100.0
million term loan and $30.0 million of borrowings under the
revolving line of credit. Borrowings were used to repay the $96.1
million outstanding under the prior facility and $3.6 million
outstanding under another loan.
"This expanded credit facility incrementally lowers our cost of
funding while supporting our strategy of diversifying our sources
of liquidity and enhancing our operating and corporate flexibility
for the future," said Ray Lopez, Bluegreen’s Executive Vice
President, Chief Financial Officer & Treasurer. "We value our
relationship with Fifth Third and the other members of the
syndicate bank group, and we believe this extended financing will
help continue to enable us to meet our capital needs as we grow our
business."
Forward-Looking
Statements
Certain statements in this press release are "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. All statements, other than statements of
historical fact, are forward-looking statements. Forward-looking
statements are based on current expectations of management and can
be identified by the use of words such as “believe”, “may”,
“could”, “should”, “plans”, “anticipates”, “intends”, “estimates”,
“expects”, and other words and phrases of similar impact.
Forward-looking statements involve risks, uncertainties and other
factors, many of which are beyond our control, that may cause
actual results or performance to differ from those set forth or
implied in the forward-looking statements, including but not
limited to, risks that the Company’s results or performance will
differ from that expected, the risk that the expected benefits of
the facility may not be realized, the risk that the requirements
for drawing on the facility will not be met, the risk that the
Company will not in the future be in compliance with applicable
covenants and ratios required by the facility, risks relating to
the increase in Bluegreen’s debt; and the additional risks and
uncertainties described in Bluegreen's filings with the Securities
and Exchange Commission, including, without limitation, those
described in the “Risk Factors” section of Bluegreen’s Annual
Report on Form 10-K for the year ended December 31, 2018. Bluegreen
cautions that the foregoing factors are not exclusive. You should
not place undue reliance on any forward-looking statement, which
speaks only as of the date made. Bluegreen does not undertake, and
specifically disclaims any obligation, to update or supplement any
forward-looking statements.
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 popular leisure
and urban destinations. The Bluegreen Vacation Club is a flexible,
points-based vacation ownership plan with approximately 219,000
owners, 69 Club and Club Associate Resorts and access to nearly
11,400 other hotels and resorts through partnerships and exchange
networks as of September 30, 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191029005204/en/
Bluegreen Vacations Corporation Investor Relations: Nikki Sacks,
203-682-8263 Evelyn Infurna, 203-682-8265 Email:
bluegreenvac@icrinc.com
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