Bluegreen Vacations Corporation Renews $80.0 Million Timeshare Notes Receivable Purchase Facility
January 03 2020 - 12:04PM
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 Renews $80.0
Million Timeshare Notes Receivable Purchase Facility
BOCA RATON, Florida (January 2, 2019) – Bluegreen Vacations
Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today
announced that on December 27, 2019, Bluegreen amended and extended
its timeshare notes receivable purchase facility with KeyBank
National Association (“KeyBank”) and DZ Bank AG Deutsche
Zentral-Genossenschaftsbank, Frankfurt AM Main (“DZ Bank”) as the
funding agents. The amended purchase facility permits maximum
outstanding financings of up to $80.0 million at an advance rate of
up to 80% with respect to timeshare receivables securing amounts
financed. The amendments to the purchase facility extend the
advance period to December 2022 from December 2019. Amounts
borrowed under the facility will bear interest until the expiration
of the revolving advance period equal to the applicable index rate
plus 2.25% (a decrease from 2.75% prior to the amendment) and
thereafter equal to the applicable index rate plus 3.25% (a
decrease from 4.75% prior to the amendment).
"This renewal and extension supports Bluegreen’s strategy of
enhancing Bluegreen’s liquidity and operating flexibility while
lowering cost of funding," commented Ray Lopez, Bluegreen’s
Executive Vice President, Chief Operating Officer and Chief
Financial Officer. "We are pleased to continue our longstanding
relationship with Key Bank and DZ Bank."
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 and 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 and Report
on Form 10-Q for the period ended September 30, 2019. 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 fee-based resort management, financial, and sales
and marketing services, to or on behalf of third parties.
Approximately 90% of Bluegreen is 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/20200103005297/en/
Bluegreen Vacations Corporation Investor Relations: Leo Hinkley:
954-940-5336 Email: Leo.Hinkley@BluegreenVacations.com
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