Bluegreen Vacations amends, restates $300 million facility

By William Gullotti

Buffalo, N.Y., Feb. 15 – Bluegreen Vacations Corp. amended and restated its syndicated credit facility on Feb. 14, providing for a $300 million credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility includes a $100 million term loan with quarterly amortization requirements and a $200 million revolving line of credit. The facility may also be expanded by $50 million, in minimum amounts of $5 million, in the form of an accordion or an incremental term commitment.

The amended and restated agreement also upped the revolver by $75 million.

Borrowings under the facility, including amounts outstanding prior to the amendment and restatement, bear interest at SOFR plus 175 basis points to 250 bps and a 5 bps to 10 bps credit spread adjustment, depending on Bluegreen’s leverage ratio. Interest on the previous facility was Libor plus 200 bps to 250 bps.

The commitment fee ranges from 20 bps to 45 bps.

The amendment also extended the maturity date to February 2027 from October 2024.

Fifth Third Bank, BofA Securities, Inc. and KeyBank NA are joint lead arrangers; Bank of America, NA and KeyBank NA are syndication agents; and Truist Bank and Citizens Bank, NA are co-syndication agents. Zions Bancorp, NA dba National Bank of Arizona is the documentation agent.

Fifth Third is also the administrative agent.

As of Tuesday, outstanding borrowings under the credit facility totaled $130 million, including the $100 million term loan and $30 million of borrowings under the revolving line.

As with the previous facility, borrowings are collateralized by some of Bluegreen’s vacation ownership interest inventory, sales center buildings, short-term receivables and the cash flows from the residual interests relating to some term securitizations.

Borrowings were used to repay the outstanding balance under the prior facility with the remainder expected to be used by Bluegreen for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.