Bluegreen Vacations borrows $60 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 30 – Bluegreen Vacations Corp. drew down $60 million under its $125 million revolving credit facility on March 19 as a precautionary measure aimed toward ensuring adequate liquidity for a sustained period, according to a news release.

The company said it also pledged/sold receivables under its various receivable-backed debt/purchase facilities to increase its cash position, bringing its unrestricted cash balance as of Monday to approximately $240 million.

Blugreen has $20.3 million of debt maturities due during 2020.

Boca Raton, Fla.-based Bluegreen provides leisure products, including cruises. It is an indirect wholly owned subsidiary of BFC Financial Corp.

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