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Bluegreen Vacations Corporation Enters Into $225.0 Million Syndicated Corporate Credit Facility
October 29, 2019
Source: Business Wire
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."
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.
Contacts
Bluegreen Vacations Corporation
Investor Relations:
Nikki Sacks, 203-682-8263
Evelyn Infurna, 203-682-8265
Email: bluegreenvac@icrinc.com
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