FORT LAUDERDALE, Fla.--(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
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."
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.