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Bluegreen Vacations Corporation Enters Into $225.0 Million Syndicated Corporate Credit Facility

Wednesday, October 30, 2019
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BOCA RATON, FL--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."
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