Bluegreen Completes Timeshare Receivables Facility
SEPTEMBER 2, 2008. Bluegreen Corporation (NYSE: BXG) ("Bluegreen"), a leading provider of Colorful Places to Live and Play(R), today 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."
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