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Any idea what this means? One would think they would not be buying if they were looking to be bought out.
« Universal Luxury Coaches Executive Takes Plea in Timeshare Fraud CaseBeaver Creek Lodge Installs CondotelWare to Manage All Condominium Hotel Units »Bluegreen Corp. Completes $75.0 Million Timeshare Receivables Facility
BOCA RATON, FL: Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading provider of Colorful Places to Live and Play®, has announced that on August 27, 2008 it entered into a new $75.0 million revolving timeshare receivables hypothecation facility with a syndicate of lenders led by Liberty Bank and assembled by Wellington Financial. The facility provides for a 90% advance on eligible receivables pledged under the facility during a two-year period ending in August 2010, subject to customary terms and conditions. Amounts borrowed under the facility and interest incurred will be repaid as cash is collected on the pledged receivables, with the remaining balance due in August 2014.
John M. Maloney Jr., President and Chief Executive Officer, commented, “We are pleased to be able to further enhance our liquidity and support our timeshare operations with this new facility. We look forward to working with Liberty Bank, and the other participants in the syndicate in this new lending relationship.”
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE: BXG) is a leading provider of Colorful Places to Live and Play® through two principal operating divisions. With more than 190,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and currently employs over 6,000 associates. More information about Bluegreen is available at Welcome to Bluegreen Online.
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 risks and uncertainties associated with the risk that the Liberty facility may not be available pursuant to its terms or at all, the risk that the Company may not be able to successfully securitize its timeshare loans in the future, and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 3, 2008 and Form 10-Q filed on August 7, 2008.
« Universal Luxury Coaches Executive Takes Plea in Timeshare Fraud CaseBeaver Creek Lodge Installs CondotelWare to Manage All Condominium Hotel Units »Bluegreen Corp. Completes $75.0 Million Timeshare Receivables Facility
BOCA RATON, FL: Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading provider of Colorful Places to Live and Play®, has announced that on August 27, 2008 it entered into a new $75.0 million revolving timeshare receivables hypothecation facility with a syndicate of lenders led by Liberty Bank and assembled by Wellington Financial. The facility provides for a 90% advance on eligible receivables pledged under the facility during a two-year period ending in August 2010, subject to customary terms and conditions. Amounts borrowed under the facility and interest incurred will be repaid as cash is collected on the pledged receivables, with the remaining balance due in August 2014.
John M. Maloney Jr., President and Chief Executive Officer, commented, “We are pleased to be able to further enhance our liquidity and support our timeshare operations with this new facility. We look forward to working with Liberty Bank, and the other participants in the syndicate in this new lending relationship.”
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE: BXG) is a leading provider of Colorful Places to Live and Play® through two principal operating divisions. With more than 190,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and currently employs over 6,000 associates. More information about Bluegreen is available at Welcome to Bluegreen Online.
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 risks and uncertainties associated with the risk that the Liberty facility may not be available pursuant to its terms or at all, the risk that the Company may not be able to successfully securitize its timeshare loans in the future, and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 3, 2008 and Form 10-Q filed on August 7, 2008.
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