Bluegreen to redeem 10½% notes with new-deal proceeds

New York, Jan. 26 - Bluegreen Corp. (B3/B) announced plans to redeem its $110 million of outstanding 10½% senior secured notes due 2008 using part of the proceeds from its planned sale of $150 million of new 10-year senior notes.

It did not outline a timeframe for the planned note redemption.

Bluegreen, a Baton Rouge, La.-based vacation resort company, said that in addition to the planned redemption of the 10½% notes, new-deal proceeds would be used to repay a portion of its other existing debt, including borrowings under its existing revolving credit agreements, and for general corporate purposes.

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