Bluegreen Vacations Renews and Extends $50 million Timeshare Receivables Facility
Bluegreen Vacations Corporation (NYSE: BXG) (“Bluegreen” or the “Company”) today reported that on March 12, 2018, the Company amended and restated its revolving timeshare receivables hypothecation facility with Liberty Bank. The restructured revolving credit period will now run through March 2020, maturing in March 2023. This agreement did not impact the maximum permitted outstanding borrowing of $50 million, and as of March 12, 2018, only $22.8 million was outstanding under the facility. Commencing on April 1, 2018, the interest rate on the facility will decrease to the Prime Rate from the Prime Rate plus 0.50%, both subject to a floor of 4.00%. Bluegreen plans to continue to use the facility to finance vacation ownership interest notes receivable.
“This extension to our agreement with Liberty Bank continues and improves a key element of our liquidity profile to fuel growth in our vacation ownership sales,” commented Tony Puleo, Bluegreen Vacation’s Executive Vice President and Chief Financial Officer. “We value our longstanding relationship with Liberty Bank, and we believe this amended agreement will contribute to the ongoing success of our business model.”
Don Peruta, Senior Vice President of Liberty Bank commented, “Liberty Bank is excited to continue our relationship with Bluegreen. We are pleased to play a role in its ongoing success and remain committed to supporting the vacation ownership industry.”
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 213,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of December 31, 2017. 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 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
