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BOCA RATON, Fla.--(BUSINESS WIRE)--Jul. 6, 2009-- Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading provider of Colorful Places to Live and Play®, today announced that it has reached separate agreements with its lenders that extend, in the aggregate, the maturities of approximately $130.1 million of liabilities under existing credit facilities. The Company also extended the revolving advance period under an existing $150 million revolving timeshare receivables purchase facility.
The maturities of approximately $8.0 million of debt due in July 2009 and approximately $49.6 million of debt due September 2009 under an existing Bluegreen Communities credit facility with RFC Construction Funding, LLC (the “GMAC Communities Facility”) have been extended to December 2012. The maturity of approximately $70.8 million of indebtedness due on the Bluegreen Club 36™ project loan under the Resorts Acquisition, Development & Construction facility with GMAC Commercial Finance, LLC (the “GMAC A,D&C Facility”) was extended from November 2011 to June 2012. Both the GMAC Communities Facility and the GMAC A,D&C Facility have periodic minimum amortization requirements at various times prior to their respective final maturities.
Bluegreen extended by one year, through June 29, 2010, the revolving advance period under its existing timeshare receivables purchase facility with Branch Banking and Trust Company (“BB&T”). This facility allows for the transfer of notes receivable for a cumulative purchase price of up to $150 million, on a revolving, non-recourse basis, pursuant to the terms of the facility and subject to certain conditions precedent. As this facility currently has approximately $141.2 million outstanding, the current availability under the facility is approximately $8.8 million. However, additional funding may, subject to the terms of the facility, be available (up to $150 million) as the facility is paid down from a portion of the cash flows received from the timeshare receivables sold under the facility. Bluegreen currently expects that this extension, along with its other existing receivables-backed credit facilities, should provide adequate receivables capacity at Bluegreen’s expected sales pace for at least the next year.
Bluegreen also extended by five years, to May 2014, the maturity of a $1.7 million loan issued by GreenBank and its predecessor, which was used for the acquisition of a resort property in Sevierville, TN. This loan will amortize quarterly on a straight-line basis throughout its term.
John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, “We appreciate the support of GMAC and GreenBank in extending these debt maturities and of BB&T in providing potential additional access to funding to help us advance our strategic initiatives. We value our ongoing relationships with these and all of our lenders.”
ABOUT BLUEGREEN CORPORATION
Founded as Patten Corporation in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play® through its vacation ownership resort and residential real estate business segments. Our more than 3,100 employees are passionate about delivering extraordinary experiences for our owners, travelers and business partners. Since 1994, Bluegreen has sold, marketed and managed a flexible, real estate-based vacation ownership plan with more than 208,000 owners, approximately 50 owned and managed resorts, and access to more than 3,700 resorts worldwide. Since 1985, Bluegreen Communities has developed master-planned residential and golf communities primarily in the southwestern and southeastern U.S., and has sold over 55,000 homesites. We also offer a portfolio of comprehensive, turnkey, fee-for-service resort management, financial services, customer generation and sales solutions. For more information, visit 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 BB&T purchase 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 and/or have adequate receivable credit facilities in the future; the risk that the Company’s strategic initiatives are not maintained successfully, do not have the expected impact on the Company’s financial position, results of operations, liquidity and credit prospects; 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 16, 2009, Form 10K/A filed on April 30, 2009, Form 10-Q filed on May 11, 2009, and Form 8-K to be filed on or about July 6, 2009.
Source: Bluegreen Corporation
Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
Investor Relations:
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
The maturities of approximately $8.0 million of debt due in July 2009 and approximately $49.6 million of debt due September 2009 under an existing Bluegreen Communities credit facility with RFC Construction Funding, LLC (the “GMAC Communities Facility”) have been extended to December 2012. The maturity of approximately $70.8 million of indebtedness due on the Bluegreen Club 36™ project loan under the Resorts Acquisition, Development & Construction facility with GMAC Commercial Finance, LLC (the “GMAC A,D&C Facility”) was extended from November 2011 to June 2012. Both the GMAC Communities Facility and the GMAC A,D&C Facility have periodic minimum amortization requirements at various times prior to their respective final maturities.
Bluegreen extended by one year, through June 29, 2010, the revolving advance period under its existing timeshare receivables purchase facility with Branch Banking and Trust Company (“BB&T”). This facility allows for the transfer of notes receivable for a cumulative purchase price of up to $150 million, on a revolving, non-recourse basis, pursuant to the terms of the facility and subject to certain conditions precedent. As this facility currently has approximately $141.2 million outstanding, the current availability under the facility is approximately $8.8 million. However, additional funding may, subject to the terms of the facility, be available (up to $150 million) as the facility is paid down from a portion of the cash flows received from the timeshare receivables sold under the facility. Bluegreen currently expects that this extension, along with its other existing receivables-backed credit facilities, should provide adequate receivables capacity at Bluegreen’s expected sales pace for at least the next year.
Bluegreen also extended by five years, to May 2014, the maturity of a $1.7 million loan issued by GreenBank and its predecessor, which was used for the acquisition of a resort property in Sevierville, TN. This loan will amortize quarterly on a straight-line basis throughout its term.
John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, “We appreciate the support of GMAC and GreenBank in extending these debt maturities and of BB&T in providing potential additional access to funding to help us advance our strategic initiatives. We value our ongoing relationships with these and all of our lenders.”
ABOUT BLUEGREEN CORPORATION
Founded as Patten Corporation in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play® through its vacation ownership resort and residential real estate business segments. Our more than 3,100 employees are passionate about delivering extraordinary experiences for our owners, travelers and business partners. Since 1994, Bluegreen has sold, marketed and managed a flexible, real estate-based vacation ownership plan with more than 208,000 owners, approximately 50 owned and managed resorts, and access to more than 3,700 resorts worldwide. Since 1985, Bluegreen Communities has developed master-planned residential and golf communities primarily in the southwestern and southeastern U.S., and has sold over 55,000 homesites. We also offer a portfolio of comprehensive, turnkey, fee-for-service resort management, financial services, customer generation and sales solutions. For more information, visit 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 BB&T purchase 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 and/or have adequate receivable credit facilities in the future; the risk that the Company’s strategic initiatives are not maintained successfully, do not have the expected impact on the Company’s financial position, results of operations, liquidity and credit prospects; 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 16, 2009, Form 10K/A filed on April 30, 2009, Form 10-Q filed on May 11, 2009, and Form 8-K to be filed on or about July 6, 2009.
Source: Bluegreen Corporation
Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
Investor Relations:
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
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