Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX:
BVHBB) (“the Company”) (formerly BBX Capital Corporation),
announced today that its approximately 93% owned subsidiary,
Bluegreen Vacations Corporation (“Bluegreen”) (NYSE: BXG), issued
the following press release.
Please see the Bluegreen press release below.
About Bluegreen Vacations Holding
Corporation: Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), is a
Florida-based holding company whose sole investment is its
approximate 93% ownership interest of Bluegreen Vacations
Corporation (NYSE: BXG). For further information, please visit
www.BVHcorp.com.
About Bluegreen Vacations
Corporation: Bluegreen Vacations Corporation (NYSE: BXG)
is a leading vacation ownership company that markets and sells
vacation ownership interests and manages resorts in popular leisure
and urban destinations. The Bluegreen Vacation Club is a flexible,
points-based, deeded vacation ownership plan with 68 Club and Club
Associate Resorts and access to approximately 11,400 other hotels
and resorts through partnerships and exchange networks. 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 Vacations Corporation is
approximately 93% owned by Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), a
Florida-based holding company. For further information about
Bluegreen Vacations Corporation, please visit
www.BluegreenVacations.com.
Bluegreen Vacations Holding Corporation
Contact Info: Investor Relations: Leo Hinkley, Managing
Director, Investor Relations Officer Telephone: 954-399-7193 Email:
Leo.Hinkley@BVHcorp.com
###
Bluegreen Vacations Corporation Completes
$131 Million Securitization of Vacation Ownership
Receivables
Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen
Vacations” or ‘the Company”) announced today that the Company
completed a private offering and sale of approximately $131.0
million of vacation ownership interest (“VOI”) receivable-backed
Notes (the "2020-A Term Securitization").
The 2020-A Term Securitization consisted of the issuance of
three tranches of VOI receivable-backed Notes (collectively, the
“Notes”) as follows: approximately $48.6 million of Class A Notes,
approximately $47.9 million of Class B Notes, and approximately
$34.5 million of Class C Notes. The interest rates on the Class A
Notes, Class B Notes and Class C Notes are 1.55%, 2.49% and 4.22%,
respectively, which blends to an overall weighted average note
interest rate of approximately 2.60%. The gross advance rate for
this transaction was 88.0%. The Notes mature in February 2036.
Proceeds from the Notes sale received at closing were primarily
used to pay down certain of the Company’s receivable-backed debt
facilities. The Company expects to use the remainder of the
proceeds primarily for general corporate purposes.
“This securitization enhances our liquidity, and our use of
proceeds to pay down certain of our other receivable-backed debt
facilities provides us with additional capacity under those
facilities to support our current and post-pandemic initiatives and
operations. The Notes were attractively priced, which we believe
indicates the market’s positive perception of our business model,
particularly during this period,” commented Ray Lopez, Chief
Financial Officer and Chief Operating Officer of Bluegreen
Vacations.
The transaction was completed in reliance upon Rule 144A and
Regulation S as a private placement of securities not registered
under the Securities Act of 1933, as amended (the "Securities
Act"), or any state securities law. All of such securities having
been sold, this announcement of their sale appears as a matter of
record only. The Notes have not been registered under the
Securities Act, or the securities laws of any state or other
jurisdiction, and may not be offered or sold in the United States
without registration or an applicable exemption from registration
under the Securities Act and applicable state securities laws.
KeyBanc Capital Markets Inc. (“KeyCM”) and Barclays Capital Inc.
acted as joint bookrunners and co-lead managers and were the
initial purchasers of the Notes. KeyCM also acted as structuring
agent for the transaction.
About Bluegreen Vacations
Corporation: Bluegreen Vacations Corporation (NYSE: BXG)
is a leading vacation ownership company that markets and sells
vacation ownership interests and manages resorts in popular leisure
and urban destinations. The Bluegreen Vacation Club is a flexible,
points-based, deeded vacation ownership plan with 68 Club and Club
Associate Resorts and access to approximately 11,400 other hotels
and resorts through partnerships and exchange networks. 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 Vacations Corporation is
approximately 93% owned by Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), a
Florida-based holding company. For further information about
Bluegreen Vacations Corporation, please visit
www.BluegreenVacations.com.
About Bluegreen Vacations Holding
Corporation: Bluegreen Vacations Holding Corporation
(NYSE: BVH) (OTCQX: BVHBB) (formerly BBX Capital Corporation), is a
Florida-based holding company whose sole investment is its
approximate 93% ownership interest of Bluegreen Vacations
Corporation (NYSE: BXG). For further information, please visit
www.BVHcorp.com.
This press release contains forward-looking statements based
largely on current expectations of the Company that involve a
number of risks and uncertainties. All opinions, forecasts,
projections, future plans, or other statements, other than
statements of historical fact, are forward-looking statements and
can be identified by the use of words or phrases such as “plans,”
“believes,” “will,” “expects,” “anticipates,” “intends,”
“estimates,” “our view,” “we see,” “would,” and words and phrases
of similar import. The forward-looking statements in this press
release are also forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and involve substantial
risks and uncertainties. We can give no assurance that such
expectations will prove to be correct. Actual results, performance,
or achievements could differ materially from those contemplated,
expressed, or implied by the forward-looking statements contained
herein. Forward-looking statements are based largely on our
expectations and are subject to a number of risks and uncertainties
that are subject to change based on factors which are, in many
instances, beyond our control. When considering forward-looking
statements, the reader should keep in mind the risks,
uncertainties, and other cautionary statements made in this report
and in the Company’s other reports filed with the SEC. These risks
and uncertainties include, but are not limited to, risks related to
Bluegreen Vacations’ operations, results, liquidity, growth
initiatives and business model, including the market’s perception
thereof and the impact of the securitization described in this
press release on Bluegreen Vacations’ operations, liquidity, growth
initiatives, results and financial condition, that the future use
of proceeds from the securitization may differ from the currently
anticipated use, that Bluegreen Vacations’ results or performance
will differ from that expected, and that Bluegreen Vacations’
receivable loan portfolio won’t perform as anticipated. For a
description of other risks and uncertainties, please see the “Risk
Factors” section of Bluegreen Vacations’ Annual Report on Form 10-K
for the year ended December 31, 2019 and its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2020. Bluegreen Vacations
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 Vacations does not
undertake, and specifically disclaims any obligation, to update or
supplement any forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201015006046/en/
Bluegreen Vacations Investor Relations: Leo Hinkley, Managing
Director, Investor Relations Officer Telephone: 954-940-5336 Email:
Leo.Hinkley@BluegreenVacations.com
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